Farid Al-Boustani on Lebanon's Financial Law

The head of the Parliamentary Economy Committee, Fares Boustani, confirmed that the Financial Regularity Law is the essential cornerstone for restarting the Lebanese economy. It particularly focuses on recovering depositors' funds, with a rejection of any deductions or a cap of $100,000 on citizens' deposits. He clarified that implementing the Bank Restructuring Law is linked to passing the Financial Regularity Law, praising its role in improving the economic situation by uncovering corruption files and restoring confidence in the banking sector, while emphasizing his opposition to any measures that cut into depositors' money or impose a cap on their deposits. He also highlighted the importance of addressing Eurobond debts to reduce economic costs and called for cautious management of Lebanese gold reserves under the supervision of the World Bank. In this context, he stressed that the government's success depends on its impact on citizens' lives, urging tangible steps supported by the international community, especially through a conference to support the army. Regarding the economic collapse, he affirmed that the goal is to recover depositors' funds without retreat, and any measures involving taxes on profits are necessary, but without harming depositors' money or imposing a specific cap on it.

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