The head of the Finance and Budget Committee, MP Ibrahim Kanaan, pointed out today, Wednesday, that "the approval of the Finance Committee for the sovereign fund to manage and invest petroleum resources is a light in the dark tunnel, which may bring hope for Lebanon to rise from its escalating crises on various levels: financial, economic, monetary, living, and social." He clarified that "we have approved the establishment of the Lebanese sovereign fund as a public institution with a special nature that does not fall under the traditional oversight that was exercised by governments and the executive authority. It enjoys moral personality, as well as financial and administrative independence with the broadest powers free from political interference."
In a press conference, Kanaan stated: "The sovereign fund is a public institution because it contains public funds that belong to the Lebanese state, and it has independence and the widest powers in shaping the investment mandate." Kanaan revealed a "second guarantee provided by the sovereign fund alongside the gold guarantee, through two portfolios: one for savings and investment and one for development, with the stipulation that investment outside Lebanon should not be less than at least 75% of the portfolio's assets."
