Lebanese officials promised to tax banks and slash the salaries of ministers by 50% as part of an unprecedented package of measures to avert a financial meltdown and contain mass protests demanding the government's ouster.
The emergency plan, announced by prime minister Saad Hariri, includes the approval of a 2020 budget targeting a deficit of 0.6% of economic output with no other taxes or borrowing and more aid to poorer families.
Lebanon will also reduce the electricity sector's financial deficit and establish an anti-corruption body by the end of the year.
"Your movement is what led to these decisions today," Hariri said in a televised address, highlighting that people had the right to keep protesting. "The demands are many and justified and varies but the clear demand that everyone united around was for dignity and respect and for them and their voice," Bloomberg reported.
Tens of thousands of people took to the streets of Lebanon's capital, Beirut in protests over plans by the Lebanese government to impose new taxes - including on WhatsApp voice calls - during a worsening economic crisis marked by a lack of jobs and high costs of living.
The protesters - representing a broad cross-section of Lebanese society - blocked roads across the country, chanting "Revolution!" and "We want the fall of the regime." These are Lebanon's biggest rallies in years.
Nassib Ghobril, the chief economist at Byblos Bank, one of Lebanon's largest, said the government should focus on cutting wasteful costs and fighting corruption before imposing any new taxes - including on banks.