Kanaan: No Financial Recovery Without Restoring Depositors' Funds and Reforming the Gap Law

The head of the Finance and Budget Committee, MP Ibrahim Kanaan, considered that "there is exaggeration in describing the memorandum of understanding between the United States and Iran, as it does not exceed a declaration of intent for 60 days and does not become a final agreement until after completing negotiations and resolving the outstanding points of contention, most notably the nuclear and uranium issues."

He added via MFM: "The ongoing direct negotiations in Washington between Lebanon and Israel under American sponsorship are indispensable in light of the integration between what is happening in the region and what is happening in Lebanon, away from the logic of recording positions. Otherwise, who will implement the ceasefire, the Israeli withdrawal, and the return of the displaced after Israel announced its non-compliance and renewed its bombing of Beirut and the south? Moreover, the American president's statements and his position on Hezbollah's weapons during the G7 summit in France, the Iranian foreign minister's call to the Lebanese president, and President Joseph Aoun's statement about the specificity of the Lebanese situation mentioned in the memorandum of understanding, all come to indicate this trend."

Kanaan reiterated that "there is no recovery without trust, and no trust without restoring depositors' funds, not writing them off," and pointed out that "the financial gap and deposit recovery law is being reconsidered by the government, the Banque du Liban, and the International Monetary Fund, as it does not, in its current form, gain acceptance from any party, whether locally or externally, which necessitates its reformulation to guarantee depositors the ability to recover their deposits, rather than leaving the matter as 'a fish in the sea.'"