File - Lebanon's Finance Minister Ali Hassan Khalil says he will not pay public sector employees wages before the Parliament legally approves the spending. (REUTERS/Sharif Karim)
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Finance Minister Ali Hassan Khalil said Wednesday it was imperative to remove all obstacles before the endorsement of the draft budget, and that he had a constitutional formula to do so."As a Finance Ministry, we must admit that the state was incapable over the past 10 years of endorsing one draft budget and for this reason, we cannot talk about a sound financial situation without passing the draft budget," Khalil told participants in an accounting conference in Beirut.He stressed that the ministry was determined to hammer out the draft budget on time and within the constitutional timeframe. Khalil told the online Arab Economic News earlier in the day that the ministry would resort to a constitutional formula to speed up the endorsement of the budgets submitted to the Cabinet and Parliament.Khalil estimated the outstanding maturing bonds in 2015 at $4.4 billion.
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