IMF hopes Lebanon parliament will approve budget ASAP-finance ministry

Updated 25 June 2019

IMF hopes Lebanon parliament will approve budget ASAP-finance ministry

BEIRUT: An International Monetary Fund (IMF) mission to Lebanon said it hoped its parliament would approve the draft 2019 state budget as soon as possible, the Lebanese finance ministry said in a statement.
The head of the IMF mission, Chris Jarvis, hoped “parliament would as soon as possible approve the budget in which work happened to reduce the deficit to 7.6% (of GDP), which will help release funds that Lebanon needs from the Cedre conference,” said the finance ministry statement, which was issued in Arabic.
Donor states and institutions pledged some $11 billion in financing to Lebanon at the Cedre conference in Paris last year, conditional on the country undertaking long-delayed reforms. 


Algeria to cap wheat imports in bid to save foreign currency

Updated 5 min 7 sec ago

Algeria to cap wheat imports in bid to save foreign currency

  • Algeria is one of the world’s biggest buyers of the commodity
TUNIS: Algeria has decided to cap soft wheat imports at 4 million tons a year, instead of 6.2 million tons, the government said in a statement.

The decision aims to “preserve foreign currency and reduce Algerian imports of cereals, especially soft wheat,” it said in the statement late on Wednesday.

The government has also set the actual needs of the domestic market for soft wheat at 4 million tons instead of 6.2 tons imported each year, it added.

Algeria is one of the world’s biggest buyers of the commodity. However, hit by lower oil prices since 2014, it is trying to reduce its imports.