Beirut: The Lebanese council of ministers approved, in its session on Saturday, the draft law for restructuring the banking sector.

According to Qatar News Agency, following the session, which lasted more than four hours, Lebanese Minister of Information Paul Morcos stated, “Within a few weeks, we will achieve the reform package that Lebanon, its economy, and its banking sector need, especially the small depositors.” He emphasized that the government will now concentrate on preparing a draft law to address the financial gap, which will facilitate a rebalancing of financial regulation.

Morcos noted that the government had previously approved a draft law aimed at amending the banking secrecy law as a necessary step for accountability. He explained that the funds of depositors, particularly small depositors, are prioritized in the draft law approved today to ensure the protection of deposits.