Primary surplus in public budget. Debt to GDP is declining

The fiscal deficit has widened so far this year, but a primary surplus has been registered, according to Alain Bifani, Director General of the Ministry of Finance (MoF).

The fiscal deficit widened by 33 percent to reach $1.7 billion in the first half of 2015. The primary surplus, which represents revenues and expenditures minus the service of the debt, reached $475 million. Primary surplus represented 2.6 percent of the Gross Domestic Product (GDP) in 2014.

The Debt to GDP ratio de...

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Lebanon tops Arab world in financial secrecy. It mixes secrecy with big tax exemptions

The Tax Justice Network (TJN) said it has ranked Lebanon first in the Arab world and seventh globally in the 2015 Financial Secrecy Index (FSI).

"Lebanon has sailed against the prevailing winds on global financial transparency and continues to make secrecy a core selling point," according to TJN, which describes itself as "a coalition of researchers and activists focused on the harmful impacts of tax avoidance, tax competition and tax havens."

Lebanon has a very high secrecy score,...

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Alpha banks still growing at a slower pace. Tough operating environment puts pressure on assets, loans and deposits

Alpha banks, the first 14 banks with deposits exceeding $2 billion each, have reported a slowing activity this year, according to the Alpha report issued by Bankdata Financial Services.

Consolidated assets grew by 2.6 percent over the first nine months, against 6.6 percent during the same period last year. Domestic assets grew by three percent, while foreign assets rose by 1.1 percent. Out of total activity, 80 percent was tied locally and 20 percent abroad, as of the end of September, th...

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Bank account hacking on the rise. Lack of awareness is cited as the cause of most cases

The number of cybercrimes through online banking accounts has increased from one case in 2011 to 63 today, according to the Special Investigation Commission (SIC) of the Central Bank (BDL), which said that the stolen amounts range between $1,500 and $2 million.

"Cybercrimes are not individual cases, but rather happen through well connected criminal organizations or criminals aware of where to carry out their hacking," said Abdul Hafiz Mansour, Secretary of the SIC. "Lebanon is a free eco...

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Zero interest loans for eco-friendly plants. Three plants to start benefiting

An agreement was signed on November 6 between the Central Bank and the Ministry of Environment (MoE) to give low-interest loans to industrialists who will apply environmentally friendly standards.

The agreement is part of the World Bank-funded Lebanon Environmental Pollution Abatement Project (LEPAP). The project, which is valued at $18 million, gives companies incentives to reduce their carbon footprint. The loans have a near zero interest rate.

The ministry has so far accepted p...

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