IMF says more progresses needed on Lebanon's banking sector reform
The International Monetary Fund on Friday said Lebanon's bank restructuring law remains a key sticking point as Beirut looks to secure a new economic reform programme with the multilateral lender. The fund said progress was made in discussions on the country's banking sector restructuring strategy during a November 11-13 staff-level visit to Lebanon and that further engagement is expected to…
The International Monetary Fund (IMF) has stated that more progress is needed on Lebanon's banking sector reform as the country seeks a new economic reform program with the multilateral lender. During a staff-level visit to Lebanon from November 11-13, the IMF noted that discussions on the country's banking sector restructuring strategy have made some progress, but further work is required to reach an agreement on an effective and durable restructuring of Lebanon's banking sector.
The IMF emphasized the importance of implementing the Bank Resolution Law and the Financial Stabilisation and Deposits Recovery Law as essential steps to restore financial stability and maximize deposits recovery once adopted.
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