Lebanon Approves IMF-demanded Changes to Banking Secrecy Law

Lebanon’s parliament on Tuesday passed amendments to the country’s banking secrecy law that the International Monetary Fund (IMF) requested as a condition for providing a $3 billion, four-year financial assistance package, the independent Lebanese TV station Al Jadeed reported. A preliminary agreement between the Lebanese government and the IMF on the matter was reached in April. The funding deal, which demands a number of Lebanese government and banking sector reforms, still requires the IMF’s final approval. Member of parliament Ibrahim Kanaan said he expected the measure to be “evaluated positively by the international community.”