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Lebanon announces state of economic emergency

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Lebanon announces state of economic emergency

Lebanese Prime Minister Saad Hariri said officials agreed Sept. 2 to declare an "economic state of emergency" as the country continues to grapple with elevated levels of public debt and budget deficit, The Associated Press reported.

Hariri said hiring in the public sector will be frozen as the government plans to cut its budget deficit to 7.6% of GDP in 2019 and 6.5% in 2020, from 11.1% in 2018, as estimated by Fitch Ratings.

The government will also work with the private sector in bringing down public debt, which stood at 152% of GDP at the end of 2018, according to Fitch, which downgraded Lebanon's sovereign credit rating Aug. 23.

Other potential economic measures discussed by Lebanese leaders who met earlier in the day included an increase in taxes on gasoline and luxury items, according to economists who took part in the preparations for the officials' meeting.