The IMF logo at the entrance of the Fund's headquarters in Washington. (Credit: AFP archive photo.)
BEIRUT — The International Monetary Fund (IMF) will not be backing the current version of Lebanon’s Gap Law — the bill meant to allocate the financial sector’s multi-billion-dollar losses — which was approved by Cabinet in December, the Washington Lender told data and credit intelligence platform Octus on Friday.“While the approved Gap Law by the Cabinet is a welcome first step, it has some shortcomings,” the Fund said. “The authorities are encouraged to work with Parliament to make some key amendments to fully align with international standards and ensure the rehabilitation of the banking system while providing the maximum possible protection to depositors consistent with debt sustainability,” added Julia Kozack, director of the IMF’s Communications Department. The big story ‘Financial gap’ law: Too little, too late? The comments...
BEIRUT — The International Monetary Fund (IMF) will not be backing the current version of Lebanon’s Gap Law — the bill meant to allocate the financial sector’s multi-billion-dollar losses — which was approved by Cabinet in December, the Washington Lender told data and credit intelligence platform Octus on Friday.“While the approved Gap Law by the Cabinet is a welcome first step, it has some shortcomings,” the Fund said. “The authorities are encouraged to work with Parliament to make some key amendments to fully align with international standards and ensure the rehabilitation of the banking system while providing the maximum possible protection to depositors consistent with debt sustainability,” added Julia Kozack, director of the IMF’s Communications Department. The big story ‘Financial gap’ law: Too little, too...
