The International Monetary Fund has said there are still "key deficiencies” in the latest draft of Lebanon's banking secrecy law, which was previously passed by Parliament but returned to the house for revisions by President Michel Aoun.
The assessment is the first time the IMF has publicly commented on Lebanon's progress in passing reforms to unlock international assistance, since a staff-level agreement was reached in April.
The deal, which would potentially unlock a $3 billion aid package for the struggling country, is conditional upon an overhaul of Lebanon's banking secrecy rules, the introduction of a robust capital control law and a strategy for restructuring the banking sector, a forensic audit of the Central Bank, and the passage of the 2022 national budget.
To date, none of the reforms requested in order to unlock the IMF aid package have been passed.
Lebanon is in the throes of an acute financial crisis that the World Bank says is one of the worst in the modern world. The downturn has pushed more than 80 per cent of the country's population into poverty.
The nation’s currency has plunged in value by more than 95 per cent, while salaries have not kept up with the severe inflation.
The state is struggling to maintain subsidies or import enough fuel to power state electricity. Most people with bank accounts are unable to withdraw the full value of their savings due to informal capital controls imposed by commercial banks.
The IMF assessment sent to Lebanese officials said that despite the deficiencies, the draft law represented a “substantial reform”.
The assessment called for the provision of banking data to additional government bodies, particularly the Central Bank of Lebanon, the Banking Control Commission, and the National Institute for the Guarantee of Deposits.
It recommended giving public prosecutors and investigative judges access to banking information, calling such access a “critical part of banking secrecy reform.”
The establishment of a bank account registry would be strategic to financial sector oversight, it said.
The IMF assessment also called for the return of a previously removed provision on the exchange of information between relevant authorities, specifying that it would allow for the “effective detection and investigation of illicit activity.”
The draft law, returned to Parliament on Wednesday by the president, will have to take the IMF’s evaluation into consideration.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
UAE currency: the story behind the money in your pockets
Results
2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.
3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.
3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.
4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.
4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.
The full list of 2020 Brit Award nominees (winners in bold):
British group
Coldplay
Foals
Bring me the Horizon
D-Block Europe
Bastille
British Female
Mabel
Freya Ridings
FKA Twigs
Charli xcx
Mahalia
British male
Harry Styles
Lewis Capaldi
Dave
Michael Kiwanuka
Stormzy
Best new artist
Aitch
Lewis Capaldi
Dave
Mabel
Sam Fender
Best song
Ed Sheeran and Justin Bieber - I Don’t Care
Mabel - Don’t Call Me Up
Calvin Harrison and Rag’n’Bone Man - Giant
Dave - Location
Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart
AJ Tracey - Ladbroke Grove
Lewis Capaldi - Someone you Loved
Tom Walker - Just You and I
Sam Smith and Normani - Dancing with a Stranger
Stormzy - Vossi Bop
International female
Ariana Grande
Billie Eilish
Camila Cabello
Lana Del Rey
Lizzo
International male
Bruce Springsteen
Burna Boy
Tyler, The Creator
Dermot Kennedy
Post Malone
Best album
Stormzy - Heavy is the Head
Michael Kiwanuka - Kiwanuka
Lewis Capaldi - Divinely Uninspired to a Hellish Extent
Dave - Psychodrama
Harry Styles - Fine Line
Rising star
Celeste
Joy Crookes
beabadoobee
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
More on Quran memorisation:
More from Neighbourhood Watch
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
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Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
