Finance Committee Finishes Bank Reform Law

The article directly addressed the topic of implementing the banking reform law in Lebanon. The Finance and Budget Committee, chaired by MP Ibrahim Kanaan, announced the completion of drafting the bill, which includes 29 articles after more than a month of discussions. The law aims to restructure the banking sector by regulating the powers of the resolver and the mechanism for temporary management, as well as amending laws related to cross-border money transfers and foreign ownership deadlines. The focus is on the importance of effectively applying the law, particularly concerning the recovery of deposits and restoring trust in the Lebanese economy, given that the economic crisis results from excessive debt and reliance solely on borrowing. Kanaan emphasizes that the success of economic reform depends on the implementation of the law and holding those responsible for its obstruction accountable. He also stresses the necessity of securing the necessary funding for deposit recovery efforts to achieve Lebanon’s economic recovery and rebuild confidence.

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