Close Menu
    Facebook X (Twitter) Instagram
    Saturday, May 17, 2025
    961
    Instagram Facebook LinkedIn TikTok
    • Breaking News
    • Guides
    • Food & Drink
    • Listicles
    • Join the Team
    • Whatsapp
      • 961
      • 961 News
    • AUB Outdoors ☀️
    Advertise with Us Get the App
    961
    Home»News»Lebanon News
    Capital Control Law Will Be Sent To Lebanese Parliament For Approval
    The Daily Star/Mohamad Azakir
    3 Mins Read

    New Capital Control Law Awaits Approval Of Lebanese Parliament

    By Hussein YassineJuly 6, 2020Updated:February 8, 2021
    Facebook WhatsApp Copy Link

    The International Monetary Fund (IMF) has made it clear that Lebanon must implement capital controls if it is to slow down its economic collapse.

    Now, a draft law that heeds this advice is pending submission to Parliament for approval.

    Regulating the flow of capital from Lebanon abroad is a crucial condition for Lebanon to receive the IMF’s much-needed financial support. This step, if followed through, will help stabilize the Lebanese pound and prop the economy.

    Although some forms of capital control have been already imposed by Lebanese banks since late 2019, an official law regulating the restrictions has yet to emerge.

    View this post on Instagram

    A post shared by Anbaa Online (@alanbaaonline) on Mar 4, 2020 at 1:27pm PST

    Member of Parliament Nicolas Nahas announced that a capital control draft bill is now ready to be submitted to the Finance and Budget parliamentary committee.

    The bill, as Nahas told the Voice of Lebanon radio station, has been modified to fit the suggestions of the IMF.

    Meanwhile, the negotiation sessions between Lebanon and the IMF have already exceeded 16, apparently without a clear path forward.

    The organization’s officials have repeatedly echoed what each of the two members of Lebanon’s negotiations team who resigned in June implied as a major cause of their resignations, namely the lack of a “genuine will to reform.”

    https://www.instagram.com/p/CCGLfwaBrru/

    Part of this problem lies in the incompatibility between the country’s loss estimates presented by the IMF and those presented by the Lebanese officials, who themselves have failed to agree about the magnitude of these losses.

    The latest IMF-Lebanon meeting saw the IMF team’s leader angrily criticizing the performance of Central Bank Governor Riad Salameh and the Lebanese government as a whole.

    A Senior EU-Diplomat even accused the Lebanese government of lacking seriousness, saying: “We have been begging them to behave like a normal state, and they are acting like they are selling us a carpet,” according to The Guardian.

    MP Nahas recognized that the government lacked “foresight in this file” and insisted that the matter should be taken more seriously.

    View this post on Instagram

    A post shared by Lebanese Financial Analysts?? (@lebanesefinancials) on Apr 25, 2020 at 10:09am PDT

    “Consensus is essential and very necessary at this stage between the government, the Finance Ministry, Banque du Liban, and the Association of Banks in Lebanon so that all of them can establish a roadmap for treatment and solution,” he stated.

    While Lebanese politicians continue to disagree, the economy continues to slide into the abyss, taking with it the people, the infrastructure, and the much-awaited and much-needed tourism season.

    Economic Crisis Riad Salameh
    Share. Facebook Twitter LinkedIn WhatsApp Reddit Email

    For You

    uae travel ban lebanon 961

    UAE Is Officially Removing The Travel Ban On Lebanon

    Joe Issa El-Khoury 961

    Who is Joe Issa El-Khoury, Lebanon’s New Minister of Industry

    Adel Nassar 961

    Who is Adel Nassar, Lebanon’s New Minister of Justice

    Nizar Hani 961

    Who is Nizar Hani, Lebanon’s New Minister of Agriculture

    Charles Hajj 961

    Who Is Charles Hajj, Lebanon’s New Minister of Telecommunications

    Nora Bayrakdarian 961

    Who is Nora Bayrakdarian, Lebanon’s New Minister of Youth and Sports

    20 Celebrities You Probably Didn’t Know Had Lebanese Roots

    saint levant aub outdoors 2025 961

    Saint Levant Is Officially Headlining AUB Outdoors 2025!

    May 7, 2025

    Ampere Cinema Reopens Its Doors In North Lebanon After 28 Years Of Absence

    June 30, 2022

    Lebanon’s Shawarma Is Going Viral in The Philippines

    April 21, 2019
    nada koussa miss world miss lebanon 961

    Nada Koussa Just Left To Represent Lebanon At Miss World

    May 7, 2025

    20 Typical Lebanese Slang Expressions

    April 21, 2020
    Lebanese boutiques

    25 Boutiques In Lebanon To Find Your Dream Evening Dress This Wedding Season

    June 9, 2024
    arabic words

    30 Beautiful Arabic Words You Probably Want To Learn

    April 22, 2020
    dew apparel nada koussa miss lebanon 961

    Miss Lebanon Nada Koussa Just Launched A Sportswear Brand

    May 3, 2025
    visa whish money partnership

    Visa and Whish Money Just Partnered To Push Digital Payments in Lebanon and Abroad

    May 6, 2025
    961 Logo
    Facebook WhatsApp TikTok Instagram

    Popular Topics

    • Guides
    • Eat & Drink
    • Listicles
    • Lebanon News
    • Diaspora
    • Explained

    961

    • About
    • WhatsApp Channel
    • News WhatsApp Channel
    • Corrections Policy
    • Ownership & Funding

    Services

    • Advertise
    • Careers
    • App Waitlist
    • Contact Us
    • Newsletter
    961™ | All Rights Reserved ©2025
    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Okay