Jaber: Approval of Parliament's Banking Reform Law Amendments a Key Step in Resolving the Banking Crisis

Finance Minister Yasin Jaber stated that today’s approval by the Parliament of amendments to the law for reforming and restructuring Lebanon’s banks constitutes a fundamental step in resolving the banking crisis, completing the passage of the law lifting banking secrecy as part of an integrated set of legislative reforms.

Jaber emphasized that this law establishes a stronger framework for regulating the banking sector, but it is not an isolated measure—it is part of a comprehensive package of reforms that remain incomplete without enacting related laws.

He stressed the importance of advancing the draft law on financial regulation and deposit recovery, known as the fiscal gap law, which has been referred from the government to the Parliament and is currently under discussion in the Finance and Budget Committee, underscoring the necessity of finalizing and passing it as soon as possible, given its essential role in defining mechanisms for addressing losses, protecting depositors’ rights, and restoring financial stability.

He explained that collectively, these legislative measures form the foundation for restructuring the banking sector and resolving the financial crisis, paving the way for concluding negotiations with the International Monetary Fund and reaching a final agreement.

Minister Jaber noted that the banking reform law was approved after incorporating amendments that took into account the observations raised by the committee, which are expected to strengthen its alignment with reform requirements and established technical standards.

He concluded by affirming that what has been achieved today is a significant milestone, yet completing the legislative process remains essential and critical to restoring confidence in the financial sector and safeguarding depositors’ rights.