Jaber Stresses Need for Bank Law Reforms

Finance Minister Yasin Jaber confirmed that the approval by the Parliament of amendments to the bank reform and restructuring law in Lebanon represents a crucial step in addressing the banking crisis. This law is part of a comprehensive reform series, which also includes the Bank Secrecy Law and the Deposit Recovery Law, aiming to strengthen the regulation of the financial sector. Jaber believes that completing the study and approval of the Financial Regulation Law and the Deposit Protection Law are essential to contain losses and restore trust, and they form the foundation for negotiations with the International Monetary Fund for a final agreement. He added that the recent amendments to the bank reform law have taken into account the government’s feedback to better align it with reform standards, emphasizing that completing the legislative process is vital for the recovery of the financial sector.

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