Aoun questions IMF agreement feasibility

Lebanese President Joseph Aoun challenged the bank restructuring law, asserting that the text approved by the Parliament did not comply with the core Banking and Currency Law that governs financial and banking regulations in Lebanon. This legal challenge is a significant step that hampers the issuance of an agreement with the International Monetary Fund (IMF), as the provisions in the law were drafted by the IMF itself. It comes after the Prime Minister’s participation in IMF meetings, during which there was hope for a quick agreement with the Fund. The move reflects the Prime Minister’s insistence on maintaining the Central Bank Governor’s powers, obstructs the distribution of losses, and threatens the relationship with the IMF—especially after the Prime Minister requested that the phrase "in accordance with the Banking and Currency Law" be not included in Article 3 of the restructuring law. This creates obstacles to reaching a quick agreement with the Fund.

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