Governor of the Central Bank of Lebanon: $8.1 billion to be returned to depositors by the end of 2026

The International Monetary Fund (IMF) mission concluded its intensive meetings in Lebanon, held between the Ministry of Finance and the Venetia Hotel, from September 15 to 18. The sessions involved officials and stakeholders concerned with financial, economic, and banking files, as part of monitoring the reform process and preparing to reach a Staff-Level Agreement (SLA).

The final meeting was held at the Ministry of Finance, capping off the discussions, and was attended by Finance Minister Yassin Jaber, Minister of Economy and Trade Amir Kabas, and representatives from the Presidency and the Government, as well as Central Bank of Lebanon Governor Riad Salameh. On the IMF side, the delegation was led by Ernesto Rigga, head of the mission, along with the accompanying technical team.

Jaber emphasized that the discussions primarily focused on defining the required path for the Fiscal Gap Law, which he described as the most prominent file at the current stage. He stressed that addressing the banking crisis, which has persisted for seven years, can no longer tolerate further delay, and that efforts are concentrated on finalizing the law.

In response to a question, Jaber clarified that the first phase of negotiations with the IMF involves reaching a Staff-Level Agreement, similar to the one achieved in 2022, although current conditions differ due to the existence of implementation steps and the approval of reform laws.

He added that the resumption of depositors’ funds is linked to the enactment of the Fiscal Gap Law, denying any procrastination in handling the file. He explained that the government is simultaneously working on finalizing the 2027 budget, which is expected to be submitted to the Parliament on October 2. This may cause some delay in beginning discussions on the Fiscal Gap Law, but it does not alter the direction toward enacting the law.

Jaber revealed that a new milestone will be completed this month in Washington, where he will participate alongside the Prime Minister in meetings with the Managing Director of the IMF and the President of the World Bank, as well as other engagements, aimed at strengthening the negotiation process and reaching an agreement with the IMF as soon as possible.

For his part, Central Bank of Lebanon Governor Riad Salameh confirmed that by the end of 2026, $8.1 billion of depositors’ funds will have been returned to them.