The International Monetary Fund stressed that the Lebanese authorities must work to achieve further progress to align the draft bank restructuring law with international standards, including the issue of “hierarchy of rights.”
The Fund added in an interview with Al-Sharq that consultations with Lebanon are still ongoing regarding a comprehensive reform program. These discussions focus mainly on the authorities’ strategy to restructure the banking sector, in addition to the medium-term financial strategy.
In its response, the Fund indicated that the Lebanese authorities had made some progress in formulating a strategy to address the acute challenges in the banking sector, but stressed that the draft law still needed more work to fully align it with international standards, including the hierarchy of rights.
