BEIRUT — At its first meeting since parliamentary committee elections last week, the Finance and Budget committee headed by MP Ibrahim Kanaan (FPM/Metn) called on the caretaker government to “exceptionally meet” and discuss the 2022 budget and the legislation required to enact the financial recovery plan approved by cabinet last month, the state-run National News Agency reported.
Here’s what we know:
• In addition to the committee’s newly elected members, MPs Mark Daou (opposition/Aley) and Firas Hamdan (opposition/Marjayoun-Hasbaya) attended the meeting.
• Among the issues discussed at the meeting were the budget, the financial and monetary criteria on which the government relied to draft the budget, the lifting of banking secrecy, the restructuring of banks and combating corruption. The committee also discussed its work mechanism, meeting schedule and priorities.
• This recovery plan, which was approved by the government on May 20 in its last session before it assumed caretaker status following the May 15 legislative elections, is intended to meet the terms of the preliminary agreement concluded recently by the government and the International Monetary Fund in an attempt to reach an agreement to unlock financial assistance of $3 billion over four years, conditional on serious reforms.
• The plan stresses the need for Parliament to pass a law restructuring the banking sector, another introducing formal capital controls and a third adjusting banking secrecy legislation.