This is Beirut, 20/12 16:05 - Reading : 4 minute(s)
By claiming on Monday a commitment to “deliver justice to depositors,” Prime Minister Nawaf Salam did more than distort reality: with the active backing of the International Monetary Fund (IMF), he sealed one of the greatest financial and moral abdications in Lebanon’s history. The Gap Law, presented as a lifesaving legal framework, is in ...
This is Beirut, 20/12 15:55 - Reading : 6 minute(s)
Nawaf Salam Lebanon Banks Banque du Liban Gap Law
The draft Financial Gap Law, also known as the Financial Regularization Law, is set to be discussed at the Cabinet table on Monday. Prime Minister Nawaf Salam has praised the project, presenting it as the first comprehensive legal framework to recover deposits and address the financial gap in a systematic and fair manner, within available means, ...
This is Beirut, 20/12 14:25 - Reading : 2 minute(s)
Banque du Liban economy Lebanon Banks Gap Law Traders
The Syndicate of Traders and Importers of Alcoholic Beverages issued a statement on Saturday denouncing the Gap Law, which they said shifts the state’s responsibilities onto traders and businesses. “While respecting the draft presented by the Prime Minister concerning financial restructuring and the recovery of deposits, the currently ...
Antoine Saade, 20/12 12:00 - Reading : 4 minute(s)
Banks Lebanon Banque du Liban Gap Law economy
The fate of depositors’ funds lies at the heart of Lebanon’s financial crisis. It is not merely a matter of figures or balance sheets; it directly affects the lives of thousands of families and undermines the country’s overall economic stability. Amid the ongoing financial collapse and the sharp erosion of the national currency’s ...
This is Beirut, 19/12 22:30 - Reading : 3 minute(s)
Under the guise of structural reforms demanded by the International Monetary Fund (IMF), the “Gap Law” currently being prepared in Lebanon is raising growing concern. Presented as a technical tool designed to bridge the country’s massive financial shortfall, this law is now seen by many experts as a mechanism allowing the state to evade its ...
LilianeMokbel, 19/12 18:00 - Reading : less than a minute
The mindset behind the proposed “Gap Law” is one of liquidation. Targeting constitutionally protected assets will erode the country’s ability to attract investors.
This is Beirut, 18/12 16:45 - Reading : 2 minute(s)
Lebanon Nawaf Salam Council of Ministers Depositors Banks
A protest organized by the Depositors’ Associations Gathering and the Association of Expatriate Depositors was held on Thursday, bringing together representatives of depositor groups and unions in a unified show of opposition to the government’s proposed financial gap draft law. Demonstrators said the proposed legislation unfairly shifts the ...
This is Beirut, 18/12 14:15 - Reading : 4 minute(s)
Central Bank of Lebanon International Monetary Fund Lebanon Banks Banque du Liban
The Central Bank of Lebanon (BDL) issued observations regarding the International Monetary Fund (IMF)’s recent comments on the financial gap bill. BDL described the IMF’s remarks as risky and inconsistent with accounting and financial standards, noting that there is no historical precedent in a systemic crisis where a state first erodes the ...
Mario Chartouni, 18/12 12:59 - Reading : 5 minute(s)
Banks International Monetary Fund Lebanon Banque du Liban Hezbollah
For several months now, the so-called “Gap Law” (law on financial gap) has been presented as the key to resolving Lebanon’s banking crisis. Its proponents argue that it would help restore order to the financial system and pave the way for an agreement with the International Monetary Fund (IMF). But behind this technical ...
This is Beirut, 18/12 12:40 - Reading : 4 minute(s)
Banks Central Bank of Lebanon Lebanon Banque du Liban Nawaf Salam
The following article, originally written on Thursday by Lebanon Debate, is reproduced here in full to highlight their analysis of the proposed financial gap bill and its potential impact on depositors and the Lebanese banking sector: “Once again, Nawaf Salam’s government is rushing to pass the financial gap law before the end of the year, ...
This is Beirut, 18/12 12:10 - Reading : 2 minute(s)
Lebanon Banks International Monetary Fund
Lebanon Pulse published a sharply critical message from a depositor addressed to Nawaf Salam, Yassin Jaber, and Amer Bsat, accusing them of playing a central role in what the text describes as a conspiracy that began before 2019 and has culminated today with severe consequences for depositors and the banking sector. In the message, the author ...
This is Beirut, 18/12 11:55 - Reading : 1 minute(s)
Lebanese Forces Lebanon Banks Hezbollah Israel Reconstruction
Despite a boycott by Lebanese Forces and Kataeb MPs, Lebanon’s parliament met Thursday morning and approved a World Bank loan intended to support reconstruction in the war-torn south. Lebanon has been working with the World Bank on a roughly $250 million loan under the Lebanon Emergency Assistance Project aimed at supporting efforts to ...