Racing against time, Lebanon must deliver key reforms by summer’s end

During its session on Saturday, the Cabinet approved the draft law on restructuring the banking sector, which is expected to be sent to Parliament on Monday or Tuesday.The decision follows the March 27 approval of a draft amendment to the banking secrecy law, which has also been submitted to the legislature and is set to be reviewed Wednesday by the joint parliamentary committees.A first meeting between the Finance Ministry and the central bank is scheduled for Monday to begin work on drafting a law on the distribution of financial losses.Sources at the Finance Ministry already told L’Orient-Le Jour that these two bills are among the conditions set by the International Monetary Fund (IMF), and that their adoption is essential to begin formal negotiations with the institution.The government hoped both would be passed ahead of the Lebanese...