Given the current deteriorating economic condition in Lebanon, the Finance Club at the American University of Beirut decided to invite the Lebanese Minister of Finance, Dr. Elias Saba, to talk to the AUB community in College Hall on April 6. Saba expressed his pleasure in revisiting AUB, from which he graduated with an MA in 1956. He then informed the audience he would be talking to them of his new plans for rejuvenating the economy of Lebanon, especially since this year's shopping festival was cancelled and the summer tourism season is foreseeing deficits. He also said he intended to provide details on the Lebanese budget for 2005, which he plans to present to the Lebanese administrative council later this year. The lecture attracted a large audience, with everyone wanting to know about the future of the Lebanese financial situation. Despite his promise to address “rehabilitation” plans for enhancing the economy, however, Dr. Saba did not come up with any down-to-earth strategies on how to overcome the financial crisis; rather, his solutions were limited to amending and managing the sources of expenses in the budget. In describing his strategy while formulating the new budget, Saba said it focused on two main goals: first, to abide strictly by the laws of the Lebanese constitution; and second, to list an extensive record of the causes of expenses. In the end, he alluded to the importance of the relationship between politics and the budget, and hence the importance of coordination between all ministries and governmental departments. In this regard, he said he had succeeded |in forming, while in office, a coordinating committee to help in organizing and synchronizing activities among the various ministries and departments.
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