Beirut: The Council of Ministers has approved a draft law aimed at restructuring the banking sector, following a session that extended over four hours on Saturday.

According to National News Agency – Lebanon, the Minister of Information, Paul Morcos, announced that within a few weeks, a reform package essential for Lebanon’s economy and its banking sector, particularly benefitting small depositors, will be realized. He emphasized that the government is now prioritizing the preparation of a draft law to address the financial gap, which will facilitate a rebalancing of financial regulation.

Morcos further noted that a previous draft law had been approved by the government, intending to amend the banking secrecy law, which is considered a vital step for ensuring accountability. He highlighted that the protection of depositors’ funds, especially those of small depositors, is a primary focus in the newly approved draft law.