All depositors will get their money back 'over time', Economy minister says

Lebanese depositors will get their money back "but it may take time", Economy Minister Amer Bisat said Monday.

"Nobody will lose their deposits but it may take time," Bisat told American news agency Bloomberg, adding that he believes that parliament will pass a draft law on restructuring Lebanon's banking sector within few weeks.

Cabinet had approved the law Saturday, in a bid to unlock international aid to help it emerge from an economic crisis it has suffered since 2019.

The state, the central bank and local banks will share the bulk of losses, Bisat explained.

Lebanese officials including new central bank governor Karim Souaid are due to meet IMF representatives later this month at a World Bank meeting in Washington.

Lebanon's economic crash since 2019 has seen the Lebanese pound lose most of its value against the U.S. dollar and pushed much of the population into poverty, with ordinary people locked out of their savings.

The international community has long demanded major fiscal reforms to unlock billions of dollars in international aid to restart the Lebanese economy in the wake of the crisis, blamed on mismanagement and corruption.

President Joseph Aoun said Monday that reforms are not just a response to the international community's calls but should be carried out for Lebanon's own benefit.