The Cabinet on Thursday approved an amendment limiting the renewal of the Central Bank governor’s mandate to a single additional term, as part of a broader effort to reform key financial and administrative institutions.
The decision, made during a session chaired by President Joseph Aoun at the Presidential Palace in Baabda, came in line with a draft law earlier introduced by Kataeb Party leader and MP Samy Gemayel. His proposal sought to amend Article 18 of the Code of Money and Credit to limit the renewal of the Central Bank governor’s and deputy governors’ mandates to a single extension.
In his draft law, Gemayel argued that keeping the previous Central Bank governor in office for 27 consecutive years, through repeated renewals, led to the adoption of disastrous policies that caused the country’s collapse.
The Cabinet also approved the maritime border demarcation agreement with Cyprus, along with a gas exploration and production deal for Block 8, marking another step in Lebanon’s efforts to tap its offshore energy potential.
Speaking from Baabda, Energy Minister Joe Saddi said that “it’s in Lebanon’s interest to see activity in one of the blocks, particularly Block 8," noting that this will help attract more companies. He added that he had invited his fellow ministers to visit the Lebanese Petroleum Administration to review in detail the report related to Block 9.
Moreover, the Cabinet endorsed a series of appointments, including to the Tripoli Port Authority, the National Food Safety Authority, and the Financial Markets Authority. However, it did not address the appointment of a new Director General of Oil and Resources.
According to local media reports, the proposed appointments include Iskandar Bandali as Chairman of the Tripoli Port Authority, Sarah Al-Sharif as Deputy Chair and Member, as well as Noor Alameddine, Simon Abdel Massih, and Myriam Eid as members. Elie Awad will head the National Food Safety Authority.
At the start of the session, President Joseph Aoun denounced the ongoing Israeli attacks on Lebanon, saying he was following up on the situation with concerned countries and the Mechanism Committee in charge of overseeing the implementation of the ceasefire agreement.
The president also postponed discussion of a draft law regulating the work of notaries until the next meeting, after Justice Minister Adel Nassar had left early for a prior engagement.