Lebanon

A Pivotal Week for Government and Finance

A Pivotal Week for Government and Finance

A crucial and decisive week is ahead in response to the political developments leading up to the budget session scheduled for next Monday, the 26th of this month. Prime Minister Najib Mikati is returning from abroad to continue his discussions regarding government formation, as he had promised after his last meeting with President Michel Aoun before traveling to London and New York to attend the farewell for Queen Elizabeth II and represent Lebanon at the United Nations General Assembly. However, attention remains focused on the banks and the path they will take following the strike, and whether they will resume work on Thursday and under what conditions.

In light of these developments and while awaiting an acceptable formula to pass the budget next week, the dollar remains uncontrollable, free from any restrictive measures that could curb its rising trend, thus manipulating the country and its citizens, depleting all resources and savings to the point that Lebanese citizens can no longer bear the consequences, leading them to despair in everything. Meanwhile, the pillars of governance and those concerned with the exacerbation of the crisis seem to be deaf to the situation, as if it does not concern them in any way.

In the absence of precise information to determine the direction of events and whether they are headed in the right direction, MP Abdul Karim Kabara mentioned in a call with "Anbaa" that nothing is clear yet regarding government formation, which awaits Mikati's return from abroad to learn what new ideas he brings to help remove the obstacles that have hindered its formation so far.

For his part, member of the "Development and Liberation" bloc, MP Fadi Alama, expressed through "Anbaa" that matters are stalled awaiting President Mikati's return. He jokingly mentioned, “Didn’t he say he was willing to sleep in the presidential palace until the government is formed? Let’s wait and see what he will do.”

Moreover, MP Alain Aoun from the "Strong Lebanon" bloc pointed out that the atmosphere has changed and there is an opportunity to form the government, hoping it will not be wasted, describing the relations between Presidents Aoun and Mikati as good. However, regarding the presidential elections, he indicated that the atmosphere is unclear but noted that this matter is separate from government formation.

As for the fate of the budget in the session on September 26, Kabara pointed out that “it is clear that there is a large group of MPs who will not accept the budget in its current form, as there are many items within the budget that require reconsideration, but the picture remains foggy.” Alama noted the "lack of alternative options for approving the budget because we cannot continue spending based on the twelfth clause unless there is an emergency situation." He pointed out that "there is a crisis by all standards, for instance, a salary of an employee is not enough to cover the cost of gasoline to reach his work," hoping "that the picture will become clearer this week and that new ideas will emerge regarding the distribution of revenues, as there are no other options.”

Regarding the customs dollar, he stated that it has now fallen to the hands of the Prime Minister. He said, “This budget, of course, is not ideal and does not meet expectations to address the crisis, but it at least fulfills the need, especially as we are in the last quarter of the year,” wishing for its approval and voting on it because populist stances do not lead to anywhere.

For his part, MP Alain Aoun considered that “there is an opportunity to approve the budget if we work diligently and objectively to address the items raised by fellow MPs in previous sessions.” Thus, it is a decisive week, awaiting the developments that may define the Lebanese scene in the coming months.

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