Al-Shami on meetings with IMF says preparing draft law to restructure banking sector after agreement on financial reform strategy

Al-Shami on meetings with IMF says preparing draft law to restructure banking sector after agreement on financial reform strategy

NNA - Deputy Prime Minister, Saadeh Al-Shami, on Monday issued the following statement:

 

"We held a number of meetings with the International Monetary Fund last week that focused on the following topics:

-The Capital Control Bill and the IMF’s notes on it after MPs requested that an agreement be reached with the IMF over this law before it is presented to the House of Parliament.

-Banking secrecy and the need to amend some articles in the current law to facilitate the fight against tax evasion and corruption in general.

-Completing discussions over the banking sector, especially with regard to protecting depositors and reactivating the role of the banking sector in a way that serves the economy through financing the private sector in order to stimulate growth and create job opportunities.

Discussions also highlighted the paramount importance of having everyone bear his/her part of the responsibility to deal with the losses of the banking sector, with the need to adhere to international standards resolving this crisis.

To this end, it has been agreed to prepare a draft law to deal with the restructuring process of the banking sector after reaching an agreement over a financial reform strategy. 

These meetings will continue this week in preparation for the IMF