BEIRUT, Jan. 22 (Xinhua) -- Lebanese caretaker Finance Minister Ali Hassan Khalil urged Tuesday the formation of a government after global credit rating agency Moody's downgraded Lebanon's long-term investment rating from B3 to Caa1, local media reported.
"Moody's report is another sign that Lebanon needs to form a government to launch financial reforms, prepare the new budget, reduce public debt and start with CEDRE projects," Khalil was quoted as saying by the National News Agency.
Moody's downgraded Lebanon's long-term investment rating to reflect an increased likelihood that the country will undertake a debt rescheduling or other measures Moody's may consider a default.
Khalil said that the financial and monetary situations in Lebanon are stable and the treasury has enough liquidity to fulfill its dues.
A local newspaper quoted Khalil a week ago as saying that the Finance Ministry is planning to restructure the country's public debt, causing confusion and concerns among the public.
"Restructuring Lebanon's debt is not on the table at all. What is being discussed is a commitment to the reforms included in the 2018 state budget and the CEDRE conference," said Khalil.
Lebanon secured loans and grants from international donors at the CEDRE, an international conference in support of Lebanon's development and reform, to revamp its ailing infrastructure and bolster its economy.
