$300 million surplus realized
in 2024 budget against all odds

Resumption of debt servicing and payment of arrears

The Ministry of Finance (MoF) revealed that a $300 million (LL27 trillion) surplus was realized in 2024, according to statistics from the Treasury Directorate. The results were disclosed during a presentation by the MoF of the country’s 2024 results to the international rating agency Standard and Poor’s (S&P).

The surplus is the result of increased revenue and improved tax administration, which enhanced compliance and collection efforts. Total cash revenues reached $4.1 billion (LL366 trillion), a 19 percent increase over the projections in the 2024 budget. Despite this increase, the MoF stated that it faced challenges, including slower collection rates due to extended deadlines and the impact of Israeli aggression on Lebanon.

Total spending in 2024 reached $3.8 billion (LL340 trillion), including funds allocated for emergency relief to displaced individuals and war victims. The ministry also made payments to municipalities for waste management, the National Social Security Fund, and the state-owned Electricité du Liban (EDL).

In 2024, the MoF resumed payments on both domestic and foreign debts. The government settled $300 million (LL28 trillion) in domestic obligations and $368 million in external debt, including arrears dating back to 2002–2023. The ministry highlighted the importance of fulfilling commitments to restore international trust, attract financial aid, and secure concessional loans critical for future recovery.

The treasury’s surpluses in 2023 ($364 million) and 2024 ($300 million) were instrumental in stabilizing the exchange rate and significantly reducing inflation. According to the Central Administration of Statistics, inflation dropped to 18 percent by the end of 2024, down from 222 percent in 2022.

The ministry emphasized the urgent need to prioritize restructuring the Eurobond portfolio to enable Lebanon’s reentry into global financial markets and access the funding necessary for sustainable economic growth.