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Lebanon Debate
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Wataqour warns on IMF reforms
The article discussed attempts by certain political and banking forces to circumvent the reforms demanded by the International Monetary Fund in Lebanon, aiming to protect their personal interests at the expense of comprehensive reform. Deputy Halima Qaour pointed out that many laws, such as the law to lift banking secrecy, have been repeatedly targeted for amendments or weakening in order to reduce the effectiveness of reforms—especially those related to banking accountability and the independence of the Higher Banking Council. She emphasized the importance of adhering to international reform standards, particularly regarding the independence of the council and the powers of the interim director, noting that there are efforts to rephrase these provisions to stall implementation. She also highlighted that some discussions attempt to exploit the sectarian system and incorporate sectarian considerations into financial reforms, which threatens the independence of financial institutions and obstructs genuine reform. The bill is expected to be discussed in the General Assembly on Thursday after the Finance Committee session, amid heightened debates over key provisions and a strong rejection of any attempts to bypass reforms—especially regarding Article 3, linking it to the Banking Law and the Credit Law—as well as efforts to protect depositors’ rights and safeguard the independence of related authorities.
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