From Cabinet to Parliament: Financial gap bill sparks fresh political tensions in Lebanon

Report by Bassam Abou Zeid, English adaptation by Yasmine Jaroudi

Lebanon's government has sent the long-awaited financial gap bill to parliament after Prime Minister Nawaf Salam pushed for its approval before the end of the year, setting the stage for a contentious legislative debate over the fate of depositors' funds.

Parliament Speaker Nabih Berri has strongly opposed the bill, describing it as a plan that would effectively "execute deposits rather than restore them," according to remarks reported by the Al-Joumhouria newspaper.

Several MPs have said their top priority will be protecting depositors' rights and have pledged to introduce amendments to the draft. 

However, questions persist over whether lawmakers will be allowed to reshape the bill as parliamentary elections draw closer freely, or whether political or external pressures will dictate its final form.

Previous financial legislation offers a precedent. 

The law lifting banking secrecy was amended twice after its passage at the request of the International Monetary Fund (IMF). In contrast, the bank restructuring law approved in July is currently under review for further changes, also following IMF demands.

As the financial gap law moves forward in the legislative process, many are questioning whether it will follow a similar path of revisions after passage, underscoring the uncertainty surrounding one of the most sensitive economic reforms in Lebanon's ongoing crisis.