The Lebanese cabinet approved a bill today aimed at tackling the financial crisis that has beleaguered the country’s economy for six years. Known as the “Financial Gap Law,” it is part of a series of reforms demanded by the International Monetary Fund to secure funding. The bill intends to spread the enormous losses from the 2019 financial collapse among the state, the central bank, commercial banks and depositors, allowing those whose savings were frozen to gradually regain their funds. In 2022 the government estimated the losses at about $70 billion, a figure that is likely higher now. The cabinet passed the law 13‑to‑9 despite opposition from ministers across Lebanon’s political spectrum. Tens of people gathered outside the government complex during the meeting, claiming the law does not protect their deposits. The Lebanese Bankers Association also criticized the proposal.
