Lebanon’s Cabinet has approved a draft law to reform and restructure the banking sector, aiming to protect small depositors and address the country’s prolonged financial crisis. The 39-clause law follows recent amendments to banking secrecy regulations, aligning with International Monetary Fund (IMF) requirements for transparency and potential aid. Information Minister Paul Morcos highlighted that a follow-up bill targeting the financial debt is also underway. While the law focuses on long-term banking reform rather than immediate access to frozen funds, officials expressed optimism about restoring economic stability. The UN welcomed the move and marked progress in Lebanon’s efforts to secure international support. IMF and World Bank officials are expected to meet with Lebanese leaders to discuss further assistance and development plans.
Pray for the success of the efforts of the government of Lebanon to end the financial crisis and to stabilize the economy of the nation. Pray for more international support to improve the economic status of the country (The Holy Bible, Psalm 118:25).
Pray for the restoration of the economy of Lebanon. Pray for the development in the lives and livelihoods of the Lebanese people (The Holy Bible, Psalm 12:5).
News Source: Arab News
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