Paris welcomes Lebanon's progress on financial reforms and pledges new international aid conference

BEIRUT — Ibrahim Kanaan, head of Lebanon’s parliamentary Finance and Budget Committee, met with Jacques de Lajugie, special envoy of French President Emmanuel Macron, on Wednesday at the Parliament headquarters to discuss ongoing financial reforms.

According to a statement posted by Kanaan on X, the talks focused on legislative measures underway to implement these reforms. De Lajugie conveyed "the appreciation and positive view of the French government and the international community concerning the progress made," particularly highlighting the adoption on July 21 by a parliamentary subcommittee of the banking sector resolution bill.

The bill still requires approval by the full Finance Committee before being presented to a plenary session. Alongside the recently approved revision of the banking secrecy law and the "financial hole" bill currently in development, these legislative texts form "the required foundation to begin the recovery process," de Lajugie said.

He also noted that Paris is preparing a new international conference to support Lebanon, planned between the fall and the end of 2025, following the event held last autumn during Israel's war in Lebanon against Hezbollah.

Both sides agreed to maintain coordination to "restore confidence in the Lebanese financial and banking system." They stressed that the immediate priority is for Beirut to submit the "financial regulation and deposits restitution bill, so that it can be debated and adopted by Parliament, and so it lays the groundwork for a return of confidence, both nationally and internationally," the statement said.