Lebanon’s Association Of Banks Declared Its Unity After Suspension Of Memberships

TDS/Hasan Shaaban

During their board meeting on June 27, Lebanon’s Banks Association (ABL) restated their unity and urged Lebanon to reach a deal with the International Monetary Fund (IMF).

According to the association’s statement, the agreement with the IMF is needed to restructure and revive the economy by implementing crucial reforms.

The Board of Directors asked the Lebanese state to take responsibility for their part in the financial losses estimated at $70 billion.

This statement comes to declare a united stance by the banks in Lebanon after Bank Audi and AM bank had declared last week their disapproval of the ABL and its letter to the IMF in which the association called the deal with Lebanon “unlawful” and “unconstitutional.”

Related: Lebanon Banks Association Labeled IMF Draft Agreement “Unlawful” In Letter

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