|
||
 |
||
|
||
|
||
| Lebanon postpones mobile
phone privatisation BEIRUT - The Lebanese government postponed the privatisation of two state-owned mobile phone companies because of global market conditions, Prime Minister Fouad Siniora said on Tuesday. Officials had expected the sale to be pushed back because of an unfavourable climate for the long-promised reform -- the proceeds of which will be used to pay down some of Lebanon's massive public debt. The privatisation was set to be conducted via sales of majority stakes in each of the firms and an IPO. "Although the government has postponed privatisation of the mobile sector in view of the great deterioration in the global markets and until matters become clear in those markets, it has decreed pressing reforms in this sector," Siniora said. Addressing lawmakers in a parliamentary session, he listed expansion of the two networks, Alpha and MTC Touch, and a decision to cut the tariffs among the reforms. Lebanon's gross public debt stood at around $45.65 billion at the end of September. Equivalent to some 170 percent of gross domestic product, servicing the debt is a major strain on Lebanon's public finances. -Reuters |
