Mikati says economic stability at stake with stalled laws ...Kuwait

News by : (The New Arab) -
Lebanon's failure to approve a string of crucial economic laws to pull the country back on to its feet threatens the country's future economic stability, caretaker Prime Minister Najib Mikati said on Thursday. A financial meltdown that started in 2019 has weakened the currency by more than 90%, paralysed the financial system and frozen depositors out of their savings. The government estimates the financial sector's losses at over $70 billion. Mikati said parliament should convene a special session that passes, in one package, long-pending plans to revamp the financial sector and restructure banks, to help overcome the crisis. Mikati said four years had passed without

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