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IMF praises Lebanon's banking reforms
The International Monetary Fund praised the Lebanese Parliament for passing amendments to the bank restructuring law, considering it an important step within the reform process of the banking sector. Lebanon has implemented 99% of the Fund’s demands. The amendments include expanding the powers of the Higher Banking Commission to decide the fate of banks, including restructuring and liquidation, with an emphasis on effective implementation to ensure the success of the reforms. This comes as part of Lebanon’s efforts to emerge from the ongoing financial crisis since 2019, with estimated losses reaching approximately $70 billion in 2022.
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