KUWAIT CITY: Lebanon’s Finance Minister Yassine Jaber told Reuters that he expected a banking secrecy law to be passed in parliament within days.
Speaking to reporters in Kuwait, where he is attending meetings of Arab financial institutions, Jaber said: “My expectation is that it will pass—if not tomorrow, then the day after... it will definitely be approved.”
Jaber also criticized certain Lebanese officials for using banking secrecy laws as a pretext to withhold information, particularly pointing to former Central Bank Gov. Riad Salameh.
He clarified that the law has already been approved by the government and is not entirely new, emphasizing that banking secrecy was largely lifted in 2022. The current objective is to amend a single clause to provide the Banking Control Commission with broader access to account information.
Additionally, Jaber revealed that Lebanon is in negotiations with the World Bank for several loans, including one to create a fund for rebuilding infrastructure in affected areas. He highlighted that the World Bank has allocated $250 million as initial capital for the fund.
He further explained that the only condition set by the World Bank is “reform.”
“Reform, reform – that’s our program. These aren’t harsh conditions; we need them,” he added.
Jaber stressed that small depositors, those with balances under $100,000, make up 84 percent of all depositors in Lebanon, totaling around $20 billion.
He confirmed that the government is working on a plan to address the depositor issue, stating: “Naturally, it will start with small depositors.”
When asked about potential Gulf aid, Jaber replied: “The Gulf states have supported Lebanon, and today they are advising us to address our situation.”
He concluded: “In past years, our performance wasn’t good and we need to focus on improving it.”
