It’s a sad testimony to the state of Lebanon’s democracy.
Getting elected is more a matter of who you are than
what you actually promise to do. The country is on the
verge of an economic meltdown. It’s virtually impossible
that the government will hit its deficit target by the end of
the year. Debt servicing now exceeds revenues. And the
debt-to-GDP ratio stands at 140%, one of the highest in the
world. In most countries, political candidates and the parties
they represent, in an effort to convince voters to elect
them, would be busy forming detailed platforms to address
such grave concerns. But solutions to Lebanon’s ailments
are rarely heard at this election time.
Meanwhile, banks’ revenues, the country’s most profitable
money spinners, are heading south, thanks in part to the
poor state of the economy. One of the biggest draws for
investors, the real estate market, has been dragged to the
ground. Prices have already dropped and many believe that
they will fall even further.
This government turned down an opportunity to lessen the
bleeding of the economy by selling mobile phone licenses to
LibanCell and Cellis and allowing a third operator into the
market. This would have reduced the bloated budget and
sent positive signals to investors, who have been held at bay
by uncertainties hovering over the country. Will the next
government be wise enough to reconsider? Nobody knows.
And the political candidates aren’t saying.
