BEIRUT (Reuters) – Highly-indebted Lebanon has exceeded its budget for 2018 and authorities are taking steps to make sure the state can continue to fund itself as politicians struggle to form a new government, the caretaker finance minister said on Wednesday. But he said Lebanon would continue to meet its obligations. Lebanon has the world’s third highest debt-to-GDP ratio and a new government must be in place before Lebanon embarks on major fiscal reforms. The International Monetary Fund said in June these reforms are urgently needed to put the debt on a sustainable footing. Khalil said Lebanon was facing a “very big challenge” as a result of internal and external factors and urged the swift formation of a new government.

Source: Egypt Independent November 28, 2018 13:52 UTC