Parliamentary Committee paves the way for Sovereign Fund implementation in August

The Parliamentary Finance and Budget Committee discussed the Sovereign Oil and Gas Fund Law in a session chaired by MP Ibrahim Kanaan.

The meeting was attended by the caretaker Energy Minister, Walid Fayyad, and the caretaker Finance Minister, Youssef Khalil, along with the MPs: Ali Fayyad, Fouad Makhzoumi, Ghassan Hasbani, Ghazi Zeaiter, Ayoub Hmayed, Alain Aoun, Razi El Hage, Michel Douaihy, Waddah Sadiq, Melhem Khalaf, Yassin Yassin, Ghada Ayyoub, Hassan Fadlallah, Jihad Samad, Ragy el Saad, Adnan Traboulsi, Jamil al-Sayyed, and Ibrahim Moussawi, Ali Hassan Khalil.

Additionally, the Chairman of the Board of the Petroleum Sector Administration, in charge, Gaby Daaboul.

Following the session, Kanaan stated, "we discussed the report of the subcommittee on the Sovereign Fund and affirmed its commitment to the independence of its management, transparency of its accounts, and its external investments. We will hold two sessions on Thursday and Monday to finalize its approval and present it to the General Assembly to be ready before commencing exploration in mid-August."