The IMF’s plan is clear, so what are the urgent laws? … Canaan to Al-Nahar: Determined to save money … otherwise

An-Nahar-Manal Shaya-

It is not new that the key to resolving the accumulated crises in Lebanon is a financial – economic – living key, and it is not new to the international community to urge Lebanon to launch the urgently needed reforms as those who is in charge does not want to save. what is left of this weary land.

Finally, after the end of the parliamentary elections and the sorting out of traditional and transforming political forces that were sorted out, the international community returned to the forefront of the financial rescue gate, and the talks came back about reforms, a rescue plan and required laws .

Under this required basket is a package of laws that is expected to be decided by the new House of Representatives, which is an internationally required package, and the government is also working on it, to submit it to prove its intention and will to to move forward with the desired reform.

Within the framework of these reforms, the Finance and Budget Committee is almost the mandatory passage for the projects and proposals required, even urgently, on the part of the International Monetary Fund.

A few days ago, the staff of the Finance Committee met with a delegation from the International Monetary Fund on Nejmeh Square to see what has been achieved so far. In the same context, the Chairman of the Finance Committee, Representative Ibrahim Kanaan, had a series of meetings with the US Ambassador, Dorothy Shea, the British Ambassador and the United Nations Coordinator, all of whom aimed at enforcing reform laws, as an access to any expected financial rescue. All this diplomatic movement, if anything, once again indicates that the international interest in Lebanon is great, but it is aimed at the financial life phase that the country is going through, which reflects the worst collapse in the history of Lebanon.

Where did you become?
… And then, what are these laws that are supposed to be implemented soon, and what stages have you taken so far?

It is known that on April 7, an agreement was announced with the International Monetary Fund and the Lebanese government, which concluded with the announcement of a $ 3 billion “aid plan” for Lebanon, over four years, and including an economic reform program or which is known as rebuilding the economy, to get out of the current crisis.

On that day, the Deputy Prime Minister, His Excellency Al-Shami, announced this plan, referring to “previous procedures for the agreement, which are procedures required by the IMF, to proceed with the plan.” It is no secret to anyone that these reforms are mandatory laws.

Canaan revealed to “Al-Nahar” that “these laws have always been the main concern of the Finance Committee, recently, before and after the elections, because they are the key to the basic solution to coming out of our crisis.”
The most prominent of these laws, according to Canaan, are: “Approval of the 2022 budget bill, restructuring of the banking sector, amendment of the law relating to banking secrecy, and the restoration of the Capital Control Bill.”

These proposals and projects form the cornerstone of the plan with the IMF, especially as the value of losses continues over the heads of the Lebanese, rulers and people, as the postponement and play continues over time, where have these projects become, or rather where are they “suspended”?

Canaan replies: “The shortcoming has always been in two places: the executive and the judiciary, as the Finance Committee used to implement or request all these projects and proposals, but it has always had the obstacle of implementation or failure to to respond to recommendations. of the Committee and the Board. ” He mentions how many times the Finance Committee has been It calls on the government to expedite the approval of public budgets, and to send bill cuts with it, which are necessary and urgent cuts, in addition to an appeal to the Audit Bureau also on this territory.

“environment environment”
To this end, the Finance Committee is scheduled to meet with the government next week, to see the stage that these projects have reached, even though the current government is now a caretaker government, the work is continuity, especially in the financial aspect . But does that mean the projects are all stuck in government?

Canaan explains: “Capital control is stuck in parliament, but it has ended up in committees. The draft budget is almost finished and there is focus on it. As far as the restructuring of the banking sector is concerned, it is expected of the government, such as amending the law relating to banking secrecy, as there are additions that the government has returned and effected after the Finance Committee has studied and completed them. ”

And if the value of the losses exceeds $ 69 billion, then about 80 percent of Lebanese are below the poverty line, and turning into a vicious and dangerous cycle no longer works, just as patches no longer work. Therefore, there are factors needed to implement these reforms and bills, and, so to speak, an “incubating environment” must be created for all these reforms that serve as aids to their progress. The most prominent of these steps are: the unification of the exchange rate, the restructuring of government debt, the improvement of governance and the fight against corruption, the reform of the public sector, especially the electricity sector, which no longer accepts delays or patchwork.

These factors imposed by the IMF will be the gateway to clear and serious support for Lebanon. Canaan says: “We are determined to work for financial rescue. Politics is tasteless and now has no value if it continues to turn into a vacuum, and with it come financial, monetary and bank disasters the Lebanese people. We must start with this .pack quickly. ”

The biggest collapse. Low purchasing power of the majority of people. Inflation has risen at alarming rates. The absence of the simplest services of life. A dramatic and rapid decline in the value of the Lebanese pound: all these phrases have become daily news that increase the frustration and despair of the Lebanese people.

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