
The collective "The Depositors' Cry" at Riad al-Solh Square, in downtown Beirut, on March 21, 2025. (Credit: @sarkhitmoudiin/X)
The group "The Depositors' Cry" held a protest sit-in Friday morning at Riad al-Solh Square, in downtown Beirut, against a restitution plan for deposits stretched over 15 years and the conversion of certain amounts into shares and bonds, which the government and Finance Ministry might, according to them, adopt. Tens of billions of dollars in deposits are blocked by Lebanese banks, virtually bankrupt since the crisis that erupted at the end of 2019.
"The new president must not ignore the depositors' crisis ... The depositors' rights are a priority ... Ministers must forget Kulluna Irada's tendencies and enforce the law," read placards held by the protesters.
Kulluna Irada, a pressure group that has since 2019 been advocating for financial restructuring to allow a way out of the crisis, is the target of a hostile campaign in some media, on social networks and among opinion leaders close to the banking sector, who question the origin of the funds financing it. It is also the subject of a judicial report for "attempting to destabilize the Lebanese financial system." The NGO, which has consistently opposed any restitution plan for deposits primarily relying on state assets, categorically rejects these accusations.
Most associations claiming to defend depositors' rights that emerged after the crisis are not necessarily neutral. According to some information circulating within their circles, the association "The Depositors' Cry" is reputed to be close to the Association of Banks in Lebanon, while some former members of this association have formed another group, "Our Money Is Ours," which is close to the Free Patriotic Movement (FPM).
Speaking during the sit-in, Khalil Broumana, in charge of public relations for "The Depositors' Cry," attacked Nawaf Salam's government and Kulluna Irada. "The head of government, whom we greeted and awaited for years, met with the Depositors Association that does not represent depositors and is attached to the Kulluna Irada gang. He refuses to host 'The Depositors' Cry' group that duly represents the depositors. If he starts his mandate like this, it means he has failed," he denounced. "We will not accept in any way plans that affect our dignity and our money," he added.
After the failure of multiple asset restitution plans proposed by the government, banks and deputies, the president of the State Shura Council, Judge Fadi Elias, was tasked by President Joseph Aoun with drafting a bill for this purpose. Once this text is finalized, it should then be sent to Parliament – after discussion of the bill in the Parliament, or failing that, in the form of a bill presented by 10 deputies – to be debated. In mid-March, a delegation from the International Monetary Fund, visiting Beirut, expressed its willingness to help Lebanon prepare a "new plan" to exit its economic crisis.