October 20, 2019 / 5:01 PM / 23 days ago

Lebanon PM Hariri agrees reform package in bid to resolve economic crisis -official sources

BEIRUT, Oct 20 (Reuters) - Lebanon’s Prime Minister Saad al-Hariri has agreed a package of reforms with government partners to ease an economic crisis that has sparked nationwide protests, official sources told Reuters, with a cabinet meeting expected on Monday to approve them.

The decisions call for a 50% reduction in the salaries of current and former officials and $3.3 billion in contributions from banks to achieve a “near zero deficit” for the 2020 budget.

It also includes a plan to privatise its telecommunications sector and an overhaul to its crippled electricity sector, a crucial demand among potential foreign donors and investors needed to unlock some $11 billion in funds to Lebanon. (Reporting by Samia Nakhoul Editing by Eric Knecht)

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