Miqati: We’ve Reached Some Sort of Solution to Electricity Crisis

Prime Minister Najib Miqati has appeased fears over a cabinet paralysis on the electricity crisis saying “we have reached some sort of a solution.”

“God willing we could reach positive ends,” Miqati told As Safir daily in remarks published Tuesday. He did not give further details.

But the premier was most likely referring to an agreement reached among several ministers at a meeting held at the Grand Serail on Monday.

They agreed to fund the first stage of the project from the state treasury and later resort to Arab funds and the private sector to cover the remaining expenses.

Other decisions include the amendment of law 462 that regulates the electricity sector, the formation of the regulatory authority and tasking the tenders department to oversee the subcontracting process.

Finance Minister Mohammed Safadi, who is loyal to Miqati, told As Safir that the government doesn’t have the capacity for the time being to fund $1.2 billion to generate 700 Megawatts of electricity. But he confirmed that the ministry is ready to provide $600 million within six months.

“We will provide the remaining $600 from the state treasury if we weren’t able to receive them from foreign funds,” he said.

Economy and Trade Minister, who is also loyal to Miqati, said the fastest way to implement Energy Minister Jebran Bassil’s project is to divide the funding. “What’s important is that we are seeking for solutions that are in the interest of the state and the citizen.”

Meanwhile, al-Akhbar daily said that Miqati informed President Michel Suleiman during a meeting they held on Monday night that he would not yield to Bassil’s threats, and would confront all pressures against the cabinet.

Bassil ruled out the possibility of any compromise over his proposed plan.