Kanaan says MPs have asked Finance Ministry for study on unifying exchange rate

The Finance and Budget Committee, headed by MP Ibrahim Kanaan, convened Thursday to discuss the 2022 state budget law and the recovery plan, in the presence of Prime Minister-designate Najib Mikati.

Cabinet in its last session last month, prior to becoming a caretaker Cabinet and ahead of the beginning of the term of the new parliament, had approved the economic recovery plan amid the objection of some ministers.

"The rights of the depositors must be secured through a fair distribution of losses within the recovery plan," Kanaan said after the meeting, adding that the committee has asked the Finance Ministry to prepare a study to unify the exchange rates before approving the state budget that includes varied exchange rates.

"We are working on essential amendments, including establishing a recovery fund and working on deposits,” Kanaan went on to say, as he explained that the recovery plan will be amended to take into consideration the rights of the depositors.