France welcomes Cabinet approval of the financial gap law, sees it as key step toward restoring trust

France welcomed the Cabinet’s approval of the draft law on distributing depositors’ losses in banks, known as the “financial gap law.”

It said the draft represents an essential first step toward restoring the trust of Lebanese citizens in Lebanon’s banking system.

In this context, France renewed its support for the efforts undertaken by the Lebanese authorities to put Lebanon back on a path of stability and to strengthen state institutions.

It noted that Parliament’s adoption of an amended law on the independence of the judiciary, as well as a law authorizing a World Bank loan to launch the reconstruction of areas destroyed by the war, highlights the commitment of the Lebanese authorities and political class to achieving these goals.

France reaffirmed its support for Lebanese institutions to move forward, with determination and responsibility, toward the final adoption of the financial gap law, which would pave the way for reaching an agreement with the International Monetary Fund.

It also recalled that these steps are crucial to mobilizing international support for reconstruction and economic recovery in Lebanon, and reiterated its commitment to organizing an international conference dedicated to this purpose in Paris once these stages are completed.