BEIRUT: Lebanon’s public debt swelled by nearly $5 billion during the term of former premier Najib Mikati’s Cabinet, the secretary-general of the Association of Banks in Lebanon said. “Based on the statistics provided by the Finance Ministry, the public debt rose by $5 billion, 60 percent of which is foreign currency,” Makram Sader told The Daily Star.He added that total debt up to April stood at $59.1 billion.

Mikati formed his Cabinet in June 2011 and resigned in March 2013, paving the way for the appointment of Tammam Salam as the prime minister-designate for Lebanon.Sader was reacting to Moody’s latest report which revises its outlook for Lebanon from stable to negative.

The ratings agency also downgraded the three leadings banks in the country due to their wide exposure to public debt and the government’s failure to implement reforms.

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