Lebanon’s ‘Gap Law’: A positive step, but significant amendments are still required

The submission to Parliament of the draft bill on "Financial Stabilization and Deposit Recovery" — commonly referred to as the "Gap Law" — marks a long-awaited shift after six years of institutional paralysis and deliberate denial. We must acknowledge the executive branch’s intent to finally address the crisis, protect the majority of depositors, and reboot the banking sector. However, upon closer inspection, the text is riddled with inconsistencies and weaknesses that threaten to undermine its very purpose. As even the government admits, the draft still requires significant amendments. It’s necessary integration into a long-awaited agreement with the IMF is yet to be secured. How the law received 'Financial gap' law sparks near-universal backlash Our analysis is rooted in a constructive desire to finally close...