Bank restructuring: Government gives itself more time to overcome banking lobby challenges

Despite past and current governments’ will and promises and international pressures — reemphasized during U.S. envoy Morgan Ortagus’ visit last weekend — the banking sector restructuring draft law has not yet been finalized as of the Cabinet’s Tuesday, April 8, meeting. Bombarded with criticisms and objections since it was added to the agenda last week, the draft had its review postponed to Tuesday’s session, only to be adjourned again, while a ministerial committee redrafts a version deemed more acceptable by its critics. Information Minister Paul Morcos stated at the end of the meeting that a session would be scheduled for Friday, April 11, to continue the debate, and that another session could follow the next day if the work is not completed by then.Since 2020, the same scenario has repeated with every attempt at banking reform:...