Depositors line up in front of an ATM in Beirut. (Credit: PHB/L'OLJ)
Parliament is scheduled to hold plenary sessions on Tuesday and Wednesday to debate amendments to the banking resolution law adopted last year, which has become a divisive issue. At the request of the International Monetary Fund (IMF), the government prepared a series of amendments that were sent to Parliament on May 12. During the Finance and Budget Committee's seven meetings, between June 11 and Aug. 3, MPs significantly revised the text.The new version has raised concerns among several government officials. According to them, some of the revisions championed by committee chairman Ibrahim Kanaan, Banque du Liban (BDL) Gov. Karim Souhaid and a majority of committee members depart from the version negotiated with the IMF. This raises the prospect of a scenario similar to that of the banking secrecy law, which had to be amended...
Parliament is scheduled to hold plenary sessions on Tuesday and Wednesday to debate amendments to the banking resolution law adopted last year, which has become a divisive issue. At the request of the International Monetary Fund (IMF), the government prepared a series of amendments that were sent to Parliament on May 12. During the Finance and Budget Committee's seven meetings, between June 11 and Aug. 3, MPs significantly revised the text.The new version has raised concerns among several government officials. According to them, some of the revisions championed by committee chairman Ibrahim Kanaan, Banque du Liban (BDL) Gov. Karim Souhaid and a majority of committee members depart from the version negotiated with the IMF. This raises the prospect of a scenario similar to that of the banking secrecy law, which had to be amended...
