The Parliamentary Finance Committee sets the conditions for the “IMF” to assist Lebanon
Friday – 22 Safar 1442 AH – 09 October 2020 AD Issue No. [
Beirut: “Asharq Al-Awsat”
The head of the Parliamentary Finance and Budget Committee, Representative Ibrahim Kanaan, announced that the “Capital Control” law, which controls bank transfers abroad, is “the most financial laws and legislation required from the International Monetary Fund” and the Lebanese government and people, pointing out that “there is no financing in the absence of (Capital Control) ) ».
Kanaan said at the conclusion of a meeting of the committee in Parliament yesterday that “the discussion touched on the required financial legislation, which we set a list of in the previous session,” noting that “it became clear to us that the most required among them is by the (International Monetary Fund) and the government in the person of the Minister of Finance. And the Lebanese, to know clearly the limits of banks and the disposal of deposits and transfers abroad, and what liquidity is available. It is the (Capital Control) law that we presented to him in a public discussion with the Ministry of Finance, the Bank of Lebanon and the banks, and we did not enter into its details and articles before determining the benefit from it in light of the observations (the IMF) and the needs of the people ».
And he considered that «the approval of (Capital Control) was required since October (October) 2019, before the transfers, and discretion in dealing with depositors, which we are witnessing at that time, and until today».
Kanaan said: “The committee found that the required study on the figures related to liquidity in Lebanon and abroad has not been completed yet, and we asked the Banque du Liban to provide us with them immediately, so that we know what capabilities are currently available, and what are the precise status of deposits, and we also asked banks for the liquidity numbers available to them abroad. “Let’s know how to find solutions.” He added, “Sacrifice is required of everyone, because it is in Lebanon’s interest to have an economy and depository in it, and for people to know their rights and what they can get from them in stages, and these solutions are required by everyone, starting with the Bank of Lebanon and the banks and reaching all officials.”
He pointed out to “discussing the notes (of the Monetary Fund) on (Capital Control), which are of 8 pages, especially since the fund that demands everyone to facilitate its mission says that there is no financing in the absence of (Capital Control), which is a rule that it adopts with all troubled countries, and it determines what is required to determine The exchange rate, exceptions to deposits and other steps. We discussed this in general terms.
He added, “These steps were required for months, and we sought them, and the government did not succeed in referring the (Capital Control) bill.” Today, with what we are doing, we are seeking to get out of the crisis, and for people to know what they have and what they owe, and the means that enable them again to use their bank accounts, as well as put a final end to discretionary transfers abroad.
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