{"id":664666,"date":"2025-05-05T00:00:00","date_gmt":"2025-05-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/05\/supporters-of-lebanons-imf-backed-banking-sector-reforms-face-media-war\/"},"modified":"2025-05-05T00:00:00","modified_gmt":"2025-05-05T00:00:00","slug":"supporters-of-lebanons-imf-backed-banking-sector-reforms-face-media-war","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/05\/supporters-of-lebanons-imf-backed-banking-sector-reforms-face-media-war\/","title":{"rendered":"Supporters of Lebanon\u2019s IMF-backed banking sector reforms face media war"},"content":{"rendered":"

Fierce backlash is mounting in Lebanon against IMF-sponsored banking sector reforms<\/strong>, with civil society groups, independent media, and reformist policymakers allegedly being targeted in what the IMF says is a coordinated campaign that would undermine progress on financial and political changes, the Financial Times<\/a> writes. The alleged smear campaign \u2014 reportedly promulgated by some in the banking sector, according to media watchdog Samir Kassir Foundation head Ayman Mhanna \u2014 is the result of mounting pressure on the newly formed Lebanese government to enact long-delayed reforms aimed at restructuring the banking sector and unlocking an IMF rescue package.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

What\u2019s behind the backlash? <\/strong>The IMF\u2019s conditions \u2014 which include lifting banking secrecy, restructuring the financial system, and addressing more than USD 70 bn in post-crisis losses since 2019 \u2014 would force banks and their political allies to disclose sensitive financial data and shoulder a portion of the losses.<\/p>\n

Despite the coordinated pressure, the Lebanese parliament was able to amend the <\/strong>country\u2019s banking secrecy law<\/strong> to allow broader access to historical financial records. Prime Minister Nawaf Salam hailed the move as a \u201cnecessary step towards the desired economic reform\u201d and essential to \u201cholding perpetrators accountable.\u201d The law allows authorities to access records going back up to a decade \u2014 a clause that some legacy interests have strongly opposed.<\/p>\n

More battles ahead: <\/strong>A draft banking sector restructuring law has been approved by the cabinet and is now under discussion in parliament\u2019s finance committee, though legislation on how to distribute financial losses \u2014 and how to repay depositors \u2014 has yet to be agreed. The secretary-general of the Association of Banks in Lebanon said the sector wants \u201ca realistic balance between financial reform and the protection of depositors\u2019 rights.\u201d<\/p>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

32,352<\/p>\n<\/td>\n

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+0.7% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

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Buy 50.65<\/p>\n<\/td>\n

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Sell 50.78<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

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Buy 50.67<\/p>\n<\/td>\n

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Sell 50.77<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

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25.00% deposit<\/p>\n<\/td>\n

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26.00% lending<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

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11,412<\/p>\n<\/td>\n

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-1.1% (YTD: -5.2%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

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9,579<\/p>\n<\/td>\n

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+0.2% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

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5,291<\/p>\n<\/td>\n

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+0.4% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

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5,687<\/p>\n<\/td>\n

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+1.5% (YTD: -3.3%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

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8,596<\/p>\n<\/td>\n

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+1.2% (YTD: +5.2%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

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5,285<\/p>\n<\/td>\n

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+2.4% (YTD: +8.0%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

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USD 61.29<\/p>\n<\/td>\n

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-1.4%<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

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USD 3.63<\/p>\n<\/td>\n

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+4.3%<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

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USD 3,243<\/p>\n<\/td>\n

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+0.7%<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

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USD 95,671<\/p>\n<\/td>\n

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-0.6% (YTD: +2.2%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

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EGP 861.9<\/p>\n<\/td>\n

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+0.1% (YTD: +10.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

USD 144.7<\/p>\n<\/td>\n

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-0.2% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n

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Dow<\/p>\n<\/td>\n

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VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

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USD 22.7<\/p>\n<\/td>\n

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-7.8% (YTD: +30.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 4.1 bn (8.2% below the 90-day average). Local investors were the sole net buyers. The index is up 8.8% YTD.<\/p>\n

In the green:<\/strong> Qalaa Holdings (+4.9%), Palm Hills Development (+4.6%), and Orascom Development (+3.3%).<\/p>\n

In the red:<\/strong> Credit Agricole (-1.8%), ADIB (-1.6%), and Eipico (-0.9%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

Shariah-com<\/strong>pliant leasing company <\/strong>AT Lease wrapped up its EGP 441.3 mn capital <\/strong>increase with a 98.6% coverage rate<\/strong>, it said in an EGX disclosure (pdf)<\/a>. The EGX-listed company sought to increase its issued capital to EGP 1.0 bn from EGP 558.7 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Local talk shows and TV stations have accused other outlets and advocacy groups of participating in a foreign conspiracy \u201cto harm Lebanon\u2019s economy\u201d<\/p>\n","protected":false},"author":1,"featured_media":664667,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,272,108,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-664666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-imf","tag-lebanon","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"e183b2f2-da23-474a-904e-78410ecba593","order":"15","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/5\/186.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Supporters of Lebanon\u2019s IMF-backed banking sector reforms face media war","related_issue":[664640],"teaser":"Local talk shows and TV stations have accused other outlets and advocacy groups of participating in a foreign conspiracy \u201cto harm Lebanon\u2019s economy\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.25feba51-3e13-4415-9599-47593aa0c73c.mp3"},"yoast_head":"\nSupporters of Lebanon\u2019s IMF-backed banking sector reforms face media war - 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