U.S. Embassy in Beirut reaffirms Washington’s commitment to supporting economic reforms and achieving transparency in Lebanon

Beirut, August 20 (KUNA) -- The U.S. Embassy in Beirut reaffirmed on Thursday Washington’s commitment to supporting economic reforms aimed at achieving transparency and enhancing stability and prosperity in Lebanon. In a statement, the embassy said that the United States is firmly committed to supporting targeted, transparent, and accountable reforms that will strengthen long-term stability and prosperity for the Lebanese people. The embassy welcomed the Lebanese Parliament’s approval last week of the bank restructuring law and urged the Lebanese government to continue its efforts to pass the financial gap law. It considered these legislative measures as crucial steps toward strengthening Lebanese state institutions, restoring confidence in the financial sector, and driving sustainable economic recovery. The approval of the bank restructuring law came during a plenary session of the Parliament last week, following years of a suffocating financial crisis that engulfed Lebanon’s banking sector in 2019, accompanied by widespread popular protests lasting weeks, during which local banks lost the ability to repay depositors. (End) F.Z. / M.S.A.