Members of Parliament are meeting Tuesday to elect new parliamentary committees and secretaries and to vote on a number of laws including an amended version of a law that would lift banking secrecy which President Aoun had sent back to Parliament.

According to the constitution, Parliament has to elect new secretaries and new members of its committees at the opening of its October session of each year, however previously, such elections have not always taken place as the different political forces would need to agree on the appointments beforehand.

During this committee election held after the 2022 parliamentary elections, Parliament elected its secretaries and parliamentary committee members after the Forces of Change MPs and other members of Parliament applied for the different positions and insisted a vote take place. 

After this constitutional procedure, the Parliament is set to discuss different draft laws, including one regarding banking secrecy. A banking secrecy law was approved back in June but was sent back to Parliament by Aoun to make certain modifications to the time period to which it applies, “so that it covers at least the period during which the [current economic] crisis was caused.” 

The IMF had criticized the approved version of the banking secrecy law which is one of the key demands the international organization requires in order to unlock $3 billion in financial assistance. If Parliament approves the law today, it will take effect even if Aoun refuses to sign it.

Parliament will also vote on a $150 million loan from the World Bank to finance wheat imports which it had also approved in July, but was sent back due to technical details and approved by the Finance Committee in August.

In an interview in August with L'Orient Today, caretaker Economy and Trade Minister Amin Salam said “The committee wanted clarifications on the coordination mechanism with the World Bank, and the method of payment. The method of payment has been set clear by the Ministry of Economy. Lebanon will pay the World Bank back through Bank du Liban over a period of 18 years."

At the time, Salam had expressed his satisfaction with the agreement, highlighting the fact that it would allow Lebanon to ensure its wheat needs for "nine months."