The Parliamentary Finance Committee sets the conditions for the “IMF” to help Lebanon

The head of the Parliamentary Committee on Finance and Budget, Representative Ibrahim Kanaan, announced that the “Capital Control” law, which controls bank transfers abroad, is “the largest number of financial laws and laws required by the International Monetary Fund” , the Lebanese government and people, noting that “there is no financing in the absence of (Capital Control)).”
Kanaan said at the conclusion of a committee meeting in Parliament yesterday that “the discussion touched on the required financial legislation, of which we established a list in the previous session,” noting that “it was clear to us that the most required among them is the (International Monetary Fund) and the government in the person of the Minister of Finance. And the Lebanese, so that they clearly know the limits of banks and the disposition of deposits and transfers abroad, and what liquidity is available. It is the law ( Capital Control) that we presented to you in a public discussion with the Ministry of Finance, the Bank of Lebanon and the banks, and we did not go into their details and articles before determining the benefit of it in light of the observations (of the IMF) and the needs of the people.
And he considered that “the approval of (Capital Control) was required from 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 numbers related to liquidity in Lebanon and abroad has not yet been completed, and we ask the Banque du Liban to provide them to us immediately, so that we know what capabilities are currently available and what the exact deposits are, and we also ask banks for liquidity numbers available abroad. “We will know how to find solutions.” He added: “Everyone’s sacrifice is required, because Lebanon’s interest is to have an economy and a depository in it, and for people to know their rights and what they can get from them in stages. These solutions are required by everyone, starting with the Banque du Liban and the banks and reaching out to all officials. “
He aimed to “discuss the (Monetary Fund) notes on (Capital Control), which is 8 pages long, especially since the fund that calls everyone to facilitate its mission says that there is no financing in the absence of (Capital Control) , and it is a rule that he adopts with all countries with problems, and determines what is required to determine the exchange rate, exceptions to deposits and other procedures. We talk about this in general terms. “
He added: “These steps were necessary for months, we looked for them and the government was not able to submit the bill (Control of capital).” Today, with what we are doing, we seek to get out of the crisis, and that people know what they have and what they owe, and the means that allow them to use their bank accounts again, as well as to put a definitive end to discretionary transfers to the Exterior.