A QUESTION RELATING TO THE BALANCE OF OUR PUBLIC DEBT AT THE END OF 2007

The Ministry of Finance has just issued its final fiscal report on the year 2007.
That report indicates that the Public Debt at the 31/12/2007 stood at 63,406 billion Lebanese pounds.

We wish to know how that figure has been arrived at. Our calculations indicate the following:

1. Public Debt balance on the 1/1/2007 60,851 billion Lebanese pounds
2. Less primary surplus 1,102 billion Lebanese pounds
3. Net 59,749 billion Lebanese pounds
4. Add service of the Debt in 2007 4,940 billion Lebanese pounds
5. Public Debt book Balance on the 31/12/07 64,689 billion Lebanese pounds
6. Public Debt balance declared by MOF 63,406 billion Lebanese pounds
7. Difference unexplained 1,283 billion Lebanese pounds

When we asked a reputed economist about that apparent discrepancy between the two figures he mentioned that it may be due to the revaluation by the Central Bank of the gold Reserve, though he considers such transaction to be contrary to the norms of international public accounting.

The Minister of Finance is kindly required to provide us with some explanation for the above discrepancy.