“Five-year program for financial reform” approved by the Selim el-Hoss Government

Friday, June 12, 1998

Under the pressure of international donors, the Salim el-Hoss government approves a “five-year program for financial reform,” aimed at achieving greater budgetary rigor and introducing austerity measures and privatization policies. Public expenditures are meant to be reduced through several reforms. Inter alia, they involve the privatization of the public electricity and water companies, the national landline phone company, the national airline, and the Casino du Liban, which are also owned by the State. Subsequently, the government decided to halt all recruitment to the public sector. Although privatization is only partially achieved, the suspension of recruitment in the public sector is maintained.