Lebanese Parliament Speaker Nabih Berri at the first parliamentary session dedicated to the presidential election in Beirut on Sept. 29, 2022. (Credit: Ibrahim Amro/AFP)
BEIRUT — Parliament Speaker Nabih Berri on Tuesday signed the 2022 budget law, which was approved by Parliament on Sept. 26.
The budget still has to be signed by President Michel Aoun for it to become effective.
The adoption of a budget is one of the reforms required by the International Monetary Fund to unlock $3 billion in aid to assist Lebanon as it struggles with an unprecedented economic crisis.
In the budget, the salaries of public employees — including security forces, retirees and contractors — are increased threefold, provided each raise ranges between LL5 million and LL12 million.
The head of the Finance and Budget Committee, Ibrahim Kanaan, told L'Orient Today the exchange rate used to calculate the budget was set at LL15,000, though it is still unclear how the rate is applied and which revenues it will include.
Following Parliament's approval of the budget, caretaker Finance Minister Yousef Khalil announced Banque du Liban will adjust the official exchange rate from LL1,507 to LL15,000 on the dollar, beginning Nov. 1.