Latest news with #IbrahimKanaan
LBCI
09-05-2025
- Business
- LBCI
Path to Lebanon's banking reform law remains slow and challenging — The details
Report by Lea Fayad, English adaptation by Mariella Succar The road to financial reforms in Lebanon—especially the banking reform law—remains far from smooth. Although the government approved the law about a month ago, it is still awaiting discussion and ratification in Parliament. During the latest parliamentary Finance and Budget Committee session, Banque du Liban Governor Karim Souaid submitted a legal study that criticized several aspects of the draft law. These included concerns about undermining the Central Bank's independence and expanding the powers of the Banking Control Commission. In response, committee chair Ibrahim Kanaan announced the formation of a subcommittee to examine the bill further and work toward a more acceptable version before it is brought back to the main committee, and then eventually to Parliament. This raised concerns over a possible repeat of the delays and obstruction that have plagued reform efforts since 2020. However, Finance Minister Yassine Jaber expressed optimism. He dismissed fears of deadlock and said the reform laws are intended to revive the banking sector, not harm it, as some have claimed. He made the remarks during a meeting with Economic and Social Council members. During the same meeting, participants called on the minister to address a range of other financial issues. Mohammad Choucair highlighted the need for customs reform; Farid Boustany raised concerns about public sector salaries; and Bechara Asmar focused on tax policies. Lebanon remains in dire need of a comprehensive reform drive. Among the most urgent reforms is the banking reform law, seen as a key step toward restoring public and international trust in the country's financial institutions and unlocking vital foreign funding.
LBCI
29-04-2025
- Business
- LBCI
MP Ibrahim Kanaan briefs President Aoun on Washington meetings, stresses need for reforms
MP Ibrahim Kanaan briefed President Joseph Aoun on the outcome of his recent meetings in Washington with officials from the International Monetary Fund (IMF), the World Bank, and the U.S. administration. Kanaan said Lebanon still enjoys significant international attention, but emphasized that such support is contingent on the state's commitment to serious reforms and sovereign decisions — particularly the implementation of United Nations Security Council Resolution 1701 and strengthening the Lebanese army. He emphasized that the path forward starts with structural financial reforms and long-overdue legislation, particularly the banking sector reform law, which is set to be discussed in the parliamentary Finance and Budget Committee. He also called for the urgent passage of the financial regularization law to address the financial gap tied to Lebanese depositors' funds and to restore both domestic and international confidence.
MTV Lebanon
28-04-2025
- Business
- MTV Lebanon
After Washington discussions, the banking reform project is on the Finance Committee's agenda
Discussions between the Lebanese ministerial and parliamentary delegation in Washington highlighted the importance of passing reform laws between the government and the Parliament. While the financial regularization project remains a fundamental demand and an essential step that the government must focus on, discussing it and referring it to the Parliament to distribute commitments between the state, the Central Bank of Lebanon, and the banks, the banking reform project is set to be on the agenda of the Finance Committee on Wednesday, in a session called by MP Ibrahim Kanaan, after his return from Washington, to discuss the project which was referred by the government of Nawaf Salam just a few days ago. Eyes will be on the path the discussions on the law will take at the committee table, especially since its chairman has repeatedly called for an audit of the banks' assets in Lebanon and abroad as a starting point to determine how to return depositors' funds. A few days ago, the Parliament passed amendments to banking secrecy after being referred by the government.
National News
23-04-2025
- Business
- National News
MP Kanaan meets U.S. Deputy Envoy Morgan Ortagus in Washington, discusses reform and regional stability
NNA – Chair of the Finance and Budget Committee, MP Ibrahim Kanaan, met in Washington with Morgan Ortagus, Deputy U.S. Envoy to the Middle East, to discuss Lebanon's reform and recovery priorities. According to a statement issued following the meeting, Kanaan emphasized the need for an integrated vision to restore confidence and economic stability in Lebanon, particularly through financial and structural reforms, legislative measures, and addressing the financial gap. Discussions also highlighted the importance of increasing international support for the Lebanese Armed Forces to carry out their mandate, especially in the context of implementing UN Security Council Resolution 1701 and maintaining stability across Lebanon's territory. Kanaan also stressed the need for the international community to fulfill its commitments, including ensuring Israel's full withdrawal from Lebanese territory. The meeting also addressed the issue of Syrian refugee returns, in light of evolving conditions in Syria and Lebanon's limited capacity to bear the burden of prolonged displacement. ========R.H.
National News
18-04-2025
- Business
- National News
Kanaan travels to Washington
NNA - The head of the Finance and Budget Committee, MP Ibrahim Kanaan, traveled to the U.S. capital, Washington, at the invitation of the International Monetary Fund and the World Bank to participate in the Spring Meetings. He will hold discussions with officials involved in the Lebanese file. The visit will last for a week and will include political and financial meetings with relevant officials in the U.S. administration, including the State Department, the Treasury Department, and Congress, in addition to meetings with the Lebanese diaspora. ============ R.K
