Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: 4 Israeli soldiers killed in the Gaza Strip
Gaza Government Media Office: Starved citizens are tempted to head to American-Israeli centers and then are deliberately shot
Gaza Government Media Office: The toll at US-Israeli aid distribution centers is as follows: 110 martyred, 583 wounded, and 9 missing
Gaza Government Media Office: 8 starved civilians were killed and 61 others were injured by the gunfire of Israeli occupation forces and an American security company in Rafah
Al Mayadeen's correspondent: Three martyrs, injured in Israeli drone strike on phone charging station west of Khan Younis, southern Gaza.
Al Mayadeen's correspondent: Four martyrs, dozens of injured as IOF open fire on civilians near GHF facility west of Rafah, southern Gaza.
Lebanese Army: This may push Army to freeze cooperation with committee regarding investigating facilities.
Lebanese Army: Enemy's continued violations of agreement and its refusal to respond with implementation committee weakens committee, Army's role.
Lebanese Army: A number of patrols also headed to locations under threat to investigate them, despite enemy's refusal of proposal.
Lebanese Army: As soon as enemy announced its threats, Army began coordination with ceasefire committee to stop attack.

Lebanon approves key banking secrecy reform amid IMF negotiations

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Apr 2025 17:05
  • 1 Shares
4 Min Read

Lebanon's parliament passes critical banking secrecy amendments demanded by the International Monetary Fund, aiming to unlock aid for its faltering economy.

Listen
  • x
  • Protesting depositors smash the glass facade of a branch of Emirates Lebanese Bank in Dawra, a suburb north-east of Beirut, Lebanon, Thursday, August 29, 2024 (AP)
    Protesting depositors smash the glass facade of a branch of Emirates Lebanese Bank in Dawra, a suburb north-east of Beirut, Lebanon, Thursday, August 29, 2024 (AP)

Lebanon's parliament approved crucial amendments to its banking secrecy legislation on Thursday, a significant step toward meeting the International Monetary Fund’s (IMF) requirements for financial assistance. The reform is part of broader efforts to revive the country's economy, which has been in freefall since 2019.

A statement from Parliament Speaker Nabih Berri's office confirmed the passing of amendments to the law on banking secrecy and related monetary legislation. The changes grant regulatory bodies access to customer banking information, removing prior legal hurdles that protected account privacy.

IMF conditions push Lebanon towards fiscal transparency

The IMF and other international bodies have long insisted on structural reforms, including greater transparency in Lebanon's banking sector, to unlock billions in aid.

These reforms are crucial as Lebanese officials, including Finance Minister Yassine Jaber and Central Bank Governor Karim Souaid, meet with IMF representatives in Washington.

Legal Agenda, a Lebanese non-governmental organization, explained that the amendments now allow regulatory bodies to access customer names and deposit details, as well as investigate suspicious transactions without a specific legal mandate.

The law applies retroactively for 10 years, covering the period from the start of Lebanon’s financial collapse.

Economic crisis worsened by war

Since 2019, Lebanon's currency has lost significant value against the US dollar, pushing much of the population into poverty and restricting access to savings.

The recent Israeli war on Lebanon has compounded economic challenges, with the country now facing urgent reconstruction needs.

Related News

No security possible amid continued Israeli aggression: Lebanese PM

Ecuador's Noboa begins term facing IMF backlash, rising doubts

Bankers have been accused of enabling elite individuals to transfer large sums abroad during the crisis. The new laws are seen as a step toward holding financial institutions accountable and restoring confidence.

IMF loan agreement hinges on reforms

In April 2022, Lebanon reached a conditional agreement with the IMF for a $3-billion loan, but most of the required reforms remain unimplemented.

The IMF expressed openness to a renewed agreement in February, following discussions with Minister Jaber.

Lebanon's new government has pledged additional reforms, including restructuring the banking sector. Draft legislation for this restructuring was approved earlier this month, signaling further steps toward fulfilling IMF conditions.

Approvals from World Bank

The World Bank has granted Lebanon a $250 million loan to help address chronic power outages exacerbated by "Israel's" war on Lebanon last year, the country’s Finance Ministry announced on Thursday.

The funding aims to support urgent reforms in Lebanon’s electricity sector, which has long suffered from fuel shortages and poor infrastructure.

The World Bank estimates that the country will need approximately $11 billion for comprehensive infrastructure recovery and reconstruction.

Even before the war, Lebanon struggled with outdated energy systems and limited access to imported fuel. The devastation caused by the war has highlighted the need for accelerated reform and external support to stabilize the power sector and broader economy.

'Finally making real strides'

Lebanon had said that it received preliminary approval to increase the World Bank loan from $250 million to $400 million as part of a wider reconstruction funding program valued at $1 billion. The remaining funds are expected to come from international aid partners.

Finance Minister Yassine Jaber and World Bank Regional Director Jean-Christophe Carret signed the landmark agreement, describing it as a crucial step toward addressing Lebanon's power crisis.

"This loan represents a strong boost to the structural reforms Lebanon is implementing in the electricity sector," Jaber said, emphasizing the long-awaited establishment of regulatory frameworks and oversight mechanisms.

"We are finally making real strides toward transforming how this sector is managed."

Carret hailed the agreement as a “turning point” in the World Bank’s relationship with Lebanon, noting it is the first International Bank for Reconstruction and Development (IBRD) loan dedicated to the country’s power sector.

  • Lebanon
  • International Monetary Fund
  • Nabih Berri

Most Read

Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
A Palestinian woman mourns as she embraces the body of her daughter Mayar Abu Odeh, 8, who was killed in an Israeli army strike on Gaza. at Al-Shifa Hospital in Gaza City, Wednesday, June 4, 2025. (AP)

French port workers block arms shipment to 'Israel' amid Gaza genocide

  • Politics
  • 4 Jun 2025
It may well be due to the longstanding relationship between MI6 and HTS, via Inter Mediate, that Britain was the first Western country to recognise their assumption of government in Syria. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

How MI6 helped HTS seize Syria

  • Opinion
  • 31 May 2025
Palestinians struggle to get donated food at a community kitchen in Khan Younis, southern Gaza Strip, Monday, June 2, 2025. (AP)

Boston Consulting Group withdraws from GHF

  • Palestine
  • 3 Jun 2025

Coverage

All
War on Gaza

Read Next

All
Poll
Palestine

Sharp decline in international perception of 'Israel', Netanyahu: Poll

Ukrainian soldiers with the anti-drone KVS G-6, manufactured by Kvertus Technology.Territorial Defense Forces of the Armed Forces of Ukraine/Facebook
US & Canada

Shift in US priorities: Drone fuzes reallocated from Kiev to CENTCOM

US Jews accuse Trump of antisemitism despite his pro-'Israel' stance
US & Canada

US Jews accuse Trump of antisemitism despite his pro-'Israel' stance

Former US President Joe Biden speaks from the Oval Office of the White House in Washington, Sept. 30, 2024 (AP/Mark Schiefelbein)
US & Canada

Trump orders investigation into Biden’s autopen use, cognitive fitness

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS