Lebanon’s economy minister expects cabinet to sign fiscal gap law soon
Lebanon’s economy minister expects cabinet to sign fiscal gap law soon/node/2619018/middle-east
Lebanon’s economy minister expects cabinet to sign fiscal gap law soon
Lebanon's cabinet is soon expected to approve and send to parliament a long-awaited law needed to restructure its debt burden, the country's economy minister Amer Bisat said, adding that policymakers are in touch daily with the International Monetary Fund. (X/@abisat)
Lebanon’s economy minister expects cabinet to sign fiscal gap law soon
Asked about progress on the law, Amer Bizat said the government’s emphasis was on good legislation rather than speedy progress
“The idea is to present it, discuss in the cabinet, approve in the cabinet, and then send it over to the parliament“
Updated 15 October 2025
Reuters
WASHINGTON: Lebanon’s cabinet is soon expected to approve and send to parliament a long-awaited law needed to restructure its debt burden, the country’s economy minister said, adding that policymakers are in touch daily with the International Monetary Fund.
Lebanon is struggling to emerge from a severe economic crisis following decades of profligate spending by ruling elites that sent the economy into a tailspin in late 2019, with depositors locked out of accounts as debt-laden banks shut down.
Key to the fiscal and economic overhaul is a law on the distribution of financial losses between the state, the central bank, commercial banks and depositors — dubbed the “fiscal gap” law.
Asked about progress on the law, Amer Bizat said the government’s emphasis was on good legislation rather than speedy progress.
“The idea is to present it, discuss in the cabinet, approve in the cabinet, and then send it over to the parliament,” Bizat told Reuters on Tuesday on the sidelines of the annual meetings of the IMF and World Bank. He added that he expected these things to happen “soon.”
“It’s more important that we get something right than we get something fast,” he said.
RELATIONS WITH BONDHOLDERS POSITIVE, MINISTER SAYS
Declining to give details on the numbers being discussed, Bizat said the draft would follow three principles — depositors would get back their money over time with no haircut and that any solution would ensure the banking sector back to health. Furthermore, smaller deposits would get their money back faster than larger depositors, he added.
Bizat also said he was meeting with the IMF every day. Asked whether he would also meet bondholders on the sidelines of the meetings in Washington, Bizat declined to comment but said relations between authorities and those investors were “good, cordial and positive.”
Recent events in the region could bring big positive change for Lebanon, said Bizat, who previously was BlackRock’s global head of emerging markets.
“That change could potentially be very good, very positive for Lebanon,” he said. “Let’s not forget, we’re in the middle of a war still ... but there’s a possibility that the kind of changes that are happening, if stability, if security, comes back to the region, Lebanon could benefit enormously.”
The government is also expecting hundreds of investors to head to Beirut in November for a conference dubbed Beirut One, that Bizat hopes would help rekindle private investor engagement in the country.
“There is a strong interest in imagining the day after,” he said. “We know people are very realistic ... everybody knows that challenges are enormous, and the journey is still very, very long, but I really think people are saying it’s okay to start imagining how things will be after.”
US raid allegedly killed Syrian undercover agent instead of Daesh group official
Neither US nor Syrian government officials have commented on the death, an indication that neither side wants the incident to derail improving ties
Weeks after the raid, interim President Ahmad Al-Sharaa visited Washington and announced Syria would join the global coalition against Daesh
Updated 2 sec ago
AP
DUMAYR, Syria: A raid by US forces and a local Syrian group aiming to capture an Daesh (IS) group official instead killed a man who had been working undercover gathering intelligence on the extremists, family members and Syrian officials have told The Associated Press. The killing in October underscores the complex political and security landscape as the United States begins working with interim Syrian President Ahmad Al-Sharaa in the fight against remnants of IS. According to relatives, Khaled Al-Masoud had been spying on IS for years on behalf of the insurgents led by Al-Sharaa and then for Al-Sharaa’s interim government, established after the fall of former President Bashar Assad a year ago. Al-Sharaa’s insurgents were mainly Islamists, some connected to Al-Qaeda, but enemies of IS who often clashed with it over the past decade. Neither US nor Syrian government officials have commented on Al-Masoud’s death, an indication that neither side wants the incident to derail improving ties. Weeks after the Oct. 19 raid, Al-Sharaa visited Washington and announced Syria would join the global coalition against IS. Still, Al-Masoud’s death could be “quite a setback” for efforts to combat IS, said Wassim Nasr, a senior research fellow with the Soufan Center, a New York-based think tank focused on security issues. Al-Masoud had been infiltrating IS in the southern deserts of Syria known as the Badiya, one of the places where remnants of the extremist group have remained active, Nasr said. The raid targeting him was a result of “the lack of coordination between the coalition and Damascus,” Nasr said. In the latest sign of the increasing cooperation, the US Central Command said Sunday that American troops and forces from Syria’s Interior Ministry had located and destroyed 15 IS weapons caches in the south. Confusion around the raid The raid occurred in Dumayr, a town east of Damascus on the edge of the desert. At around 3 a.m., residents woke to the sound of heavy vehicles and planes. Residents said US troops conducted the raid alongside the Syrian Free Army, a US-trained opposition faction that had fought against Assad. The SFA now officially reports to the Syrian Defense Ministry. Al-Masoud’s cousin, Abdel Kareem Masoud, said he opened his door and saw Humvees with US flags on them. “There was someone on top of one of them who spoke broken Arabic, who pointed a machine gun at us and a green laser light and told us to go back inside,” he said. Khaled Al-Masoud’s mother, Sabah Al-Sheikh Al-Kilani, said the forces then surrounded her son’s house next door, where he was with his wife and five daughters, and banged on the door. Al-Masoud told them that he was with General Security, a force under Syria’s Interior Ministry, but they broke down the door and shot him, Al-Kilani said. They took him away, wounded, Al-Kilani said. Later, government security officials told the family he had been released but was in the hospital. The family was then called to pick up his body. It was unclear when he had died. “How did he die? We don’t know,” his mother said. “I want the people who took him from his children to be held accountable.” Faulty intelligence Al-Masoud’s family believes he was targeted based on faulty intelligence provided by members of the Syrian Free Army. Representatives of the SFA did not respond to requests for comment. Al-Masoud had worked with Al-Sharaa’s insurgent group, Hayat Tahrir Al-Sham, in its northwestern enclave of Idlib before Assad’s fall, his cousin said. Then he returned to Dumayr and worked with the security services of Al-Sharaa’s government. Two Syrian security officials and one political official, who spoke on condition of anonymity because they were not authorized to comment publicly, confirmed that Al-Masoud had been working with Syria’s interim government in a security role. Two of the officials said he had worked on combating IS. Initial media reports on the raid said it had captured an IS official. But US Central Command, which typically issues statements when a US operation kills or captures a member of the extremist group in Syria, made no announcement. A US defense official, when asked for more information about the raid and its target and whether it had been coordinated with Syria’s government, said, “We are aware of these reports but do not have any information to provide.” The official spoke on condition of anonymity in accordance with regulations. Representatives of Syria’s defense and interior ministries, and of US envoy to Syria Tom Barrack, declined to comment. Increased coordination could prevent mistakes At its peak in 2015, IS controlled a swath of territory across Iraq and Syria half the size of the United Kingdom. It was notorious for its brutality against religious minorities as well as Muslims not adhering to the group’s extreme interpretation of Islam. After years of fighting, the US-led coalition broke the group’s last hold on territory in late 2019. Since then, US troops in Syria have been working to ensure IS does not regain a foothold. The US estimates IS still has about 2,500 members in Syria and Iraq. US Central Command last month said the number of IS attacks there had fallen to 375 for the year so far, compared to 1,038 last year. Fewer than 1,000 US troops are believed to be operating in Syria, carrying out airstrikes and conducting raids against IS cells. They work mainly alongside the Kurdish-led Syrian Democratic Forces in the northeast and the Syrian Free Army in the south. Now the US has another partner: the security forces of the new Syrian government. Airwars, a London-based conflict monitor, has reported 52 incidents in which civilians were harmed or killed in coalition operations in Syria since 2020. The group classified Al-Masoud as a civilian. Airwars director Emily Tripp said the group has seen “multiple instances of what the US call ‘mistakes,’” including a 2023 case in which the US military announced it had killed an Al-Qaeda leader in a drone strike. The target later turned out to be a civilian farmer. It was unclear if the Oct. 19 raid went wrong due to faulty intelligence or if someone deliberately fed the coalition false information. Nasr said that in the past, feuding groups have sometimes used the coalition to settle scores. “That’s the whole point of having a hotline with Damascus, in order to see who’s who on the ground,” he said.