Diab Says 98% of Deposits 'Won't be Touched', Launches Stimulus Plan

Prime Minister Hassan Diab announced Thursday that “at least 98 percent” of bank deposits will not be affected by any financial measures that might be taken in the near future, as he launched a “stimulus and social safety” plan to address the repercussions of the coronavirus crisis.

“The situation is difficult and complicated but people's lifelong savings have a special status and immunity and no one has the right to touch their money,” Diab said in an address to the nation.

“I had promised the Lebanese that the deposits of at least 90% of depositors would not be affected, but following extensive studies and based on the numbers of late February 2020, I can declare today that the depositors who will not be affected will not be less than 98%,” the PM reassured.

He added that the government's decision to suspend the payment of the Eurobond debt “has proven to be correct.”

“As the government promised in its Policy Statement, we have devised a financial rescue plan, and what has been circulated in the media is a mere draft that is being discussed. We are working together with you and hearing your voice and we care about your remarks,” Diab went on to say, in response to the wave of controversy sparked by the media leaks.

Turning to the coronavirus crisis, the premier said “there are indications that the pandemic has so far been contained” in Lebanon.

“But we are still in the middle of the pandemic spread phase,” he added.

“Today I call on you to be patient, because the extraordinary strength that the Lebanese people possess is the main pillar for our success,” Diab went on to say addressing the Lebanese people.

He also announced the launch of “a stimulus and social safety plan worth LBP 1,200 billion that will be spent to cover the burdens of the anti-coronavirus fight, assist public sector daily workers, support the health sector and farmers, and grant small industrial institutions subsidized loans to boost national industry.”