DUBAI: A cabinet session is due Tuesday in Lebanon to continue negotiations on the proposed capital control law, which aims to organize relationships between banks and clients, amid fierce opposition, Lebanon’s The Daily Star reported.
Lebanese Prime Minister Hassan Diab is set to chair the session at 1 p.m. local time at the Grand Serail, as the country faces harsh economic and social conditions.
“Some ministers made observations about the capital control draft law, while others have not been informed of the full text of the law. It was agreed that ministers will send their written remarks to the finance minister over the weekend ahead of the Cabinet meeting Tuesday,” a source told local media.
Another meeting will be held at the Baabda Palace on Thursday on the same matter.
Several political groups have criticized the bill, saying it harms interests of depositors.
“There will be losers and there will be losses, but we must make our efforts to reduce losses,” Diab has earlier said.