Lebanese leaders meet to find solution to economic crisis

Corruption-plagued Lebanon suffers from one of the world’s highest debt ratios, high unemployment and little growth.

2 September 2019 | 16:44

Source: Associated Press

  • Source: Associated Press
  • Last update: 2 September 2019 | 16:44

Lebanese President Michel Aoun, right, and Prime Minister-designate Saad Hariri at the presidential palace. (AFP Photo)

BEIRUT: Lebanon’s political leaders are meeting with the aim of finding a solution to the country’s economic crisis.

President Michel Aoun said in a speech at the opening of the one-day session on Monday that everyone should make “sacrifices” in order to get one of the world’s most indebted countries out of its problems.

Corruption-plagued Lebanon suffers from one of the world’s highest debt ratios, high unemployment and little growth.

The meeting at the presidential palace came 10 days after international ratings agency Fitch downgraded Lebanon’s ratings.

Last month, Standard & Poor’s Global Ratings maintained its long- and short-term foreign and local currency sovereign credit ratings, saying the country’s outlook remains negative.

In January, Moody’s downgraded Lebanon’s issuer ratings to Caa1 from B3 while changing the outlook to stable from negative.

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