Lebanon has a very high level of public debt and large external financing needs. The 2010 public debt exceeded 150.7% of GDP, ranking fourth highest in the world as a percentage of GDP, though down from 154.8% in 2009. At the end 2008, finance minister Mohamad Chatah stated that the debt was going to reach $47 billion in that year and would increase to $49 billion if privatization of two telecoms companies did not occur. The Daily Star wrote that exorbitant debt levels have "slowed down the economy and reduced the government's spending on essential development projects".