The most influential political blocs believe that the state should absorb a significant part of the losses of the financial system’s losses, namely commercial banks and Banque du Liban (BDL), which exceed $70 billion.Most of them also seemed to agree that a sovereign wealth fund should be designed to maximize the state’s revenues, and to use part of it to reimburse depositors. But setting up this fund turned into a sectarian issue.While several parties were due to present their draft laws to the small committee emanating from joint parliamentary committees, L’Orient-Le Jour learned that the Amal movement decided to withdraw its draft. This is because any sovereign wealth fund designed to manage the state assets, or any independent institution with the same objective, would have the power to take part in decision-making linked to the...
The most influential political blocs believe that the state should absorb a significant part of the losses of the financial system’s losses, namely commercial banks and Banque du Liban (BDL), which exceed $70 billion.Most of them also seemed to agree that a sovereign wealth fund should be designed to maximize the state’s revenues, and to use part of it to reimburse depositors. But setting up this fund turned into a sectarian issue.While several parties were due to present their draft laws to the small committee emanating from joint parliamentary committees, L’Orient-Le Jour learned that the Amal movement decided to withdraw its draft. This is because any sovereign wealth fund designed to manage the state assets, or any independent institution with the same objective, would have the power to take part in decision-making linked to...