Saudi Press

Saudi Arabia and the world
Sunday, Jul 06, 2025

Lebanon parliament postpones budget talks, slowing IMF reform checklist

Lebanon parliament postpones budget talks, slowing IMF reform checklist

Lebanon's parliament on Friday suspended talks on the 2022 budget after a walk-out by lawmakers sent attendance below quorum, further delaying efforts to complete requirements to access IMF funds to relieve its economic crisis.
A group of parliamentarians, including newly-elected lawmakers who ran on a reform platform, a bloc of Christian MPs and others, walked out over the "chaotic" discussions.

"It's unconstitutional and chaotic. (Other lawmakers) were saying let's change this, change that, add here, add there, without studying anything. This is how we're going to do this?” Halima Kaakour, a first-time lawmaker, told Reuters.

Speaker Nabih Berri scheduled the next session for Sept. 26, following the return of Prime Minister Najib Mikati from trips to London for Queen Elizabeth's funeral and New York for the United Nations General Assembly.

Lebanon has been trapped in an economic meltdown since 2019 that has impoverished more than 80% of the population and drained state coffers.

An April staff-level agreement between Lebanon's government and the International Monetary Fund called on authorities to increase revenues to fund the crippled public sector and more social spending by calculating customs taxes at a "unified exchange rate".

Lebanese authorities still calculate customs tariffs – a key source of state revenues – at the old peg of 1,505 Lebanese lira per dollar.

MPs had debated re-calculating it to between 12,000 to 14,000 Lebanese lira to the dollar even as the market rate was at 38,000 on Friday.

Lebanon's economy minister told Reuters he was "very concerned" the budget would not satisfy the IMF, which did not respond to Reuters requests for comment on Friday.

Lebanon has barely advanced on the IMF's 10 pre-requisites due to resistance from political factions, commercial banks and powerful private lobby groups.

"There's been slow progress in implementing some of the critical actions that we think are required to move forward with a programme," IMF spokesman Gerry Rice told a news briefing on Thursday, saying a staff mission would visit Lebanon next week to discuss ways to "speed up" required reforms.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
×