The President of the Finance and Budget Committee, MP Ibrahim Kanaan, stated in an interview broadcasted on ‘MTV’ that the budget submitted to Parliament lacks an economic and social vision.
He remarked, “It was nothing more than a tax collection process.”
Kanaan asserted, “In the audit we conducted, it was evident that the government’s revenue projections were incorrect, and the reported deficit did not exist.”
Regarding the date of the parliamentary session for budget approval, he mentioned that it is scheduled for next week and emphasized the need to adhere to the applicable legislation. Kanaan emphasized, “If the issue is related to the greater good, it is imperative to give it top priority, which is why we must act together on it.”
He added that if the budget is published by government decree, it would be a disaster for the population, the economy, and the public and private sectors. Therefore, he insisted on the need for participation in the parliamentary budget session for the Finance and Budget Committee to make the necessary amendments.
He assured that he would go “all the way” concerning the issue of cancer and incurable disease medications. “We made modifications to the government version of the Health Ministry’s budget and allocated an amount of $12 billion for medications. This allocation is part of a clear mechanism to ensure the continuity of treatments without interruption.”
He also emphasized that Treasury advances are illegal and that the article allowing the Central Bank of Lebanon to grant subsidized loans has been canceled.
Kanaan further noted that many aspects of the budget have been improved, new taxes have been eliminated, and fee increases have been adjusted to be fair for both the public and private sectors based on the inflation index of the Central Bank of Lebanon.
He believed that the radical changes made to the government’s budget formula aim to prevent disaster and mitigate damage, provided that they are complemented by a series of laws addressing bank restructuring, financial regulation, and the state’s adherence to laws.
