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IMF challenges Lebanese bank law over unequal payouts and public sector favoritism
News Bulletin Reports
03-06-2025 | 13:06
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IMF challenges Lebanese bank law over unequal payouts and public sector favoritism
Report by Lea Fayad, English adaptation by Mariella Succar
If you have three frozen bank accounts in three different Lebanese banks, each holding $100,000 or more, how much can you expect to recover?
According to the Lebanese government’s proposed bank restructuring plan, a single recovery cap would apply across all your accounts—meaning you would be eligible to reclaim a set amount from only one account.
The International Monetary Fund (IMF) takes a different view. It recommends that the compensation cap apply to each account, not a consolidated total. If the government decides to reimburse $100,000, you will receive just that amount under its plan—while the IMF believes you should get $300,000.
In its feedback, the IMF criticized the government’s approach of aggregating accounts across banks, calling it “not adequate.” The fund argues this method fails to meet international standards and undermines fairness.
The IMF also raised concerns over the government’s proposal to repay public sector deposits ahead of those of private depositors. Such preferential treatment, the fund warned, would violate global norms and disproportionately disadvantage individual account holders.
Another key recommendation from the IMF is that the bank restructuring law must take precedence over all other legislation in Lebanon. Without that, the fund cautioned, the country risks facing legal and procedural challenges when the law is implemented.
These are just a few of the 20 observations submitted by the IMF regarding the draft bank restructuring law, which was approved by the Cabinet and is now under review by Parliament. A subcommittee of the Finance and Budget Committee is currently studying the law in detail.
The IMF’s comments also addressed the proposed structure of the Higher Banking Commission, the role of Lebanon’s Banking Control Commission, and the technical processes for assessing the financial standing of banks.
The fund shared its observations directly with the Finance Committee, emphasizing that these changes are essential to restoring confidence in the banking system and ensuring long-term stability in Lebanon’s financial sector.
It remains to be seen whether lawmakers will incorporate the recommended amendments and whether the IMF will ultimately approve a revised version of the law—or if Lebanon will still face a long road to financial recovery.
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