Beirut: Speaking after the approval of the draft law on the financial gap and the recovery of deposits and following the Cabinet session at the Grand Serail, Prime Minister Dr. Nawaf Salam stressed that ’85 percent of depositors will receive their money in full,’ announcing that ‘the bonds are not promises on paper, but are backed by $50 billion of the Central Bank’s assets.’
According to National News Agency – Lebanon, Premier Salam stressed that for the first time, the financial gap law includes accountability and oversight, saying: ‘For the first time, the financial gap law includes accountability and oversight. It is incorrect to say that it amounts to ‘forgiving past wrongdoings’. We have incorporated into it the necessity of completing the forensic audit and ensure accountability.’
The Prime Minister also indicated that “the Financial Gap bill is not ideal and has shortcomings and does not meet everyone’s aspirations, but it is a realistic and fair step on the path to restoring rights, halting the collapse the country is suffering from, and reviving the banking sector.”
Salam explained, “The approval of the draft law on the financial gap is supposed to open the door to reach an understanding with the IMF and with donor countries, and will help to attract investments alongside the economic improvement that I am betting on.”