Joint committees discuss capital control law, to meet anew next week

The joint parliamentary committees convened Wednesday in Parliament to study a capital control draft law before referring it to Parliament’s general assembly.

The National News Agency said the session ended without the approval of the draft law as amendments protecting the rights of depositors were introduced to Article 1.

"Another session will be held next Wednesday," NNA added.

Hizbullah's MP Hassan Fadlallah had said at the beginning of the session that essential amendments were required to make sure the law would protect depositors' rights.

"We support the capital control law, but it requires amendments," Fadlallah said.

MP Ali Darwish had said there is no consensus about the capital control law, as some MPS are supporting it while others are opposing it.

"The law might be subject to intrinsic amendments," he told al-Jadeed on Wednesday.

The adoption of a capital control law is one of the reforms requested by the International Monetary Fund to financially help crisis-hit Lebanon.

An earlier version of the draft law had been recently rejected by the joint parliamentary committees, which prompted the government to send an amended version.

On Friday Parliament Speaker Nabih Berri referred the amended version to the joint parliamentary committees to study it before referring it to parliament’s general assembly.