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BUDGET 2022

2022 draft budget will go before Parliament next week: Kanaan

2022 draft budget will go before Parliament next week: Kanaan

Free Pariotic Movement MP for Metn Ibrahim Kanaan. (Credit: National News Agency)

BEIRUT — Chairman of Parliament’s Finance and Budget Committee MP Ibrahim Kanaan (Free Patriotic Movement/Metn) announced on Thursday that Finance Minister Youssef Khalil confirmed to him that the 2022 draft budget will be transferred to Parliament next week, after being approved by Najib Mikati's government last week.

Here’s what we know:

    • Parliament is scheduled to meet on Monday and Tuesday to study and vote on several laws, including competition laws. Passing a budget is crucial to the government’s efforts to obtain financial assistance from the International Monetary Fund. However, although Kanaan said the draft will be studied in the next parliamentary session, the Finance and Budget Committee has not yet received the proposal nor was it included on the parliamentary agenda that L'Orient Today viewed.

    • Given the delay in approving the 2022 budget, Ibrahim Kanaan said on Thursday that the committee approved the provisional twelfth rule that allows the government to spend the equivalent of one-twelfth of the budget provided for in the previous year's finance law. However, in this case, the budget for 2020 will be referred to since it was the last one approved by Parliament. The 2021 budget was approved nearly three weeks ago by the government, without having been voted on by the Parliament, as the year was already over.

    • Ibrahim Kanaan also said that his committee does not favor “tax increases in the context of the economic and financial crisis” that the country has been going through for more than two years. 

BEIRUT — Chairman of Parliament’s Finance and Budget Committee MP Ibrahim Kanaan (Free Patriotic Movement/Metn) announced on Thursday that Finance Minister Youssef Khalil confirmed to him that the 2022 draft budget will be transferred to Parliament next week, after being approved by Najib Mikati's government last week.Here’s what we know:    • Parliament is scheduled to meet on...