The Lebanese Cabinet approved on Wednesday the long-awaited capital control law, which still needs final approval from the parliament.
The capital control law is one of the main recommendations of the International Monetary Fund (IMF) to secure a financial package aid.
Lebanon’s parliament was scheduled to discuss the bill on Tuesday’s session but members of the parliament asked the government to endorse the law officially.
Deputy Prime Minister Saade Chami explained that the law was approved with minor adjustments related to a committee to determine the terms and conditions for withdrawals in Lebanese Pound and foreign currency.
He added that the committee will now include two economic experts, a high-ranking judge, and representatives from the Central Bank and the Finance Ministry.
MP Ali Hasan Khalil said on Monday that the speaker of the Parliament, Nabih Berri, will schedule another session to adopt the capital control bill before the upcoming elections on May 15.
Lebanon had previously attempted yet failed to pass the capital control law amid the much-growing crisis.
In 2019, Lebanon’s financial system broke down, and crippled the banking system, leaving depositors out of their accounts.
The informal capital control imposed by the banks has severely impacted the Lebanese people with many relying on their life savings to live.
Many students and Lebanese emigrants were “banned” from transferring their money abroad to pay their rents, and many students were left unable to pay their tuition fees.