Lebanon's parliament approves long-awaited amendments to banking secrecy law

Xinhua , Tuesday 26 Jul 2022

Lebanon's parliament on Tuesday passed long-awaited amendments to the banking secrecy law to unlock a potential $3 billion financial assistance package from the International Monetary Fund (IMF), Al-Jadeed local TV channel reported.

Lebanese parliament
File Photo: Lebanese parliament s newly-elected assembly at its headquarters in Beirut, Lebanon, on May 31, 2022. AFP


Lebanese Prime Minister-designate Najib Mikati said during the parliament session that the measure was needed to implement the banking restructuring resolution.

Member of parliament Ibrahim Kanaan said he expected the step to be "evaluated positively by the international community."

The Lebanese government in April reached a staff-level preliminary agreement with the IMF to finance the country with 3 billion US dollars for a period of four years.

The funding deal, which is subject to approval by the IMF, requires the Lebanese government to implement a host of reforms, including passing a capital control law and a banking secrecy law, restructuring the banking sector, and unifying the exchange rates.

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