Lebanon

Al-Bustani: I Will Vote Against the Budget as It Will Impact What Remains of the Economy

Al-Bustani: I Will Vote Against the Budget as It Will Impact What Remains of the Economy

Chairman of the Economic, Trade, Industry, and Planning Committee, Deputy Fares Al-Bustani, raised a "cry of conscience" from the Parliament, stating, "As a member of Parliament representing the people, I greatly appreciate the work of the Finance and Budget Committee, and I value the efforts of the Ministry of Finance that presented a budget within the deadlines." He added, "A week ago, we listened to the acting Governor of the Central Bank, Wassim Mansouri, and understood that the Ministry of Finance cannot provide us with certain figures. We need to improve the budget; however, this budget is excessively tax-based according to experts, it will harm what remains of the economy, encourage tax evasion, and eliminate any hope for new investments. We must listen to the country's echoes; we only pass laws, and we have a budget gap because however you resolve it, it will end up in the citizen's pocket."

He continued, "Regarding maritime properties, why are we not benefiting from them, and where are the reforms? Where is the reform plan? The Parliament decides. They should tell us how they will work on restructuring the banks. Do you want to reduce deposits? We are in a moral dilemma because we are bearing false witness to what is happening, and I ask where the economic plan is? The banks need to be restructured; people cannot wait. Invent a way to increase state revenues without putting your hands in citizens' pockets; taxes are negative for the people."

He concluded, "We are facing a considerable aggression; we must stand by the citizen, and I will vote against the budget because it is a negative plan, and in the general assembly, I will vote against the budget."

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