BEIRUT: The Association of Banks in Lebanon said on Saturday it “completely rejects” the government’s latest draft of a financial recovery plan meant to pull the country out of an economic meltdown.
In a statement shared with Reuters, the ABL called the plan “disastrous” and said it would leave banks and depositors shouldering the “major portion” of losses.
The government estimates that the financial sector’s losses amount to $72 billion.
“ABL has assigned its legal advisers to examine and present a range of judicial measures that will allow the preservation and recovery of the rights of the banks and the depositors,” the association said.
Lebanon’s banks have been a major lender to the government for decades, helping to finance a wasteful and corrupt state that went into a financial meltdown in 2019.
The collapse has resulted in depositors being shut out of their savings and the local currency losing more than 90 percent of its value. The banking association rejected an earlier draft of the plan in February, saying it would cause a loss of confidence in the financial sector.
The ABL’s approval is not required for the government to begin implementing a plan, but experts say support from the banking sector could contribute to solving the crisis.
The current draft lays out a series of financial reforms, including an overhaul of the banking sector and caps on how much depositors would be able to recover from their accounts.
Lebanon banking group rejects latest draft of financial recovery plan
https://arab.news/5p2rq
Lebanon banking group rejects latest draft of financial recovery plan
US launches new retaliatory strikes against Daesh in Syria after deadly ambush
- CENTCOM said operation ordered by President Donald Trump
- Launched in response to the deadly Dec. 13 Daesh attack in Palmyra
WASHINGTON: The US has launched another round of retaliatory strikes against the Daesh in Syria following last month’s ambush that killed two US soldiers and one American civilian interpreter in the country.
The large-scale strikes, conducted by the US alongside partner forces, occurred around 12:30 p.m. ET, according to US Central Command. The strikes hit multiple Daesh targets across Syria.
Saturday’s strikes are part of a broader operation that is part of President Donald Trump’s response to the deadly Daesh attack that killed Sgt. Edgar Brian Torres-Tovar, Sgt. William Nathaniel Howard, and Ayad Mansoor Sakat, the civilian interpreter, in Palmyra last month.
“Our message remains strong: if you harm our warfighters, we will find you and kill you anywhere in the world, no matter how hard you try to evade justice,” US Central Command said in a statement Saturday.
A day earlier, Syrian officials said their security forces had arrested the military leader of Daesh’s operations in the Levant.
The US military said Saturday’s strikes were carried out alongside partner forces without specifying which forces had taken part.
The Trump administration is calling the response to the Palmyra attacks Operation Hawkeye Strike. Both Torres-Tovar and Howard were members of the Iowa National Guard.
It launched Dec. 19 with another large-scale strike that hit 70 targets across central Syria that had Daesh infrastructure and weapons.
The Kurdish-led Syrian Democratic Forces has for years been the US’s main partner in the fight against Daesh in Syria, but since the ouster of former Syrian President Bashar Assad in December 2024, Washington has increasingly been coordinating with the central government in Damascus.
Syria recently joined the global coalition against Daesh.
