The miraculous account

March 2002

The text criticizes a project of law (that has been passed later on) establishing a segregated account for the Treasury that allocates, with a privilege, the proceeds of privatization, the foreseen primary surplus in the budget and the proceeds of the sale of future public revenues (hidden under the title of securitization), to the debt service. This privilege is not different in its principle from the formulas of the Public Debt Funds that the colonial powers imposed on the Ottoman Empire or on Egypt or on China in the XIXth century but in the fact that the action is voluntary in Lebanon! The project of law introduces a fundamental inequality in the responsibilities of the state in favour of the creditors and reduces almost to nothing the margins of action of the state.

The critic was the base of a written question and a procedure of invalidation in front of the Constitutional Council that were presented by a group of deputies and were unsurprisingly rejected.

The text is still valid but is not applied in practise because of the many internal contradictions it bears.


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4 p. (in arabic)