A Critical Week for the Budget

Member of the "Lebanese Forces" bloc, MP Nazih Matti, stated that "the budget can only be approved within a real recovery plan that includes implementing reforms, restructuring banks, unifying the dollar exchange rate, and other reform provisions." In this context, financial and economic expert Antoine Farah commented on the budget discussion session, saying: "Regardless of the delay in approving the 2022 budget, the mere decision to discuss it in the General Assembly with the aim of its approval is a positive development as it reflects two important aspects: first, there is a decision from the Speaker of the Parliament and the supporting political forces to implement the required provisions and conditions to reach an agreement with the International Monetary Fund, the most important of which is the approval of the budget as a step toward financial regularity. The second aspect is that approving the budget means overcoming difficulties related to a partial correction of the situation for public sector employees. Consequently, it establishes the legal mechanism for the state to adjust the salaries of employees in this sector, even partially, to revive it and allow this sector to work, even if partially, while awaiting a comprehensive solution." Farah told "Anbaa" online: "We may hear many criticisms during the discussions, which are legitimate, whether regarding the absence of reforms in the budget or the suspicious timing of its approval at the end of the year or concerning the customs dollar exchange rate, which is expected to be around 12,000 lira per dollar." He pointed out that the general atmosphere suggests that the budget will be approved due to the necessity of having it as a primary item in the list of proposals for having any hope of reaching an agreement with the IMF. All parties are convinced that without an agreement with the Fund, we cannot have a state.