IMF agreement vital for Lebanon's people, says European Observatory

The European Observatory for Integrity of Lebanon emphasized the necessity of conducting fundamental reforms to uplift the state of the country while at the same time noting that the proposed plans came at the expense of depositors and their "life savings."

The Observatory viewed that restructuring the banking sector and recovering embezzled and smuggled funds abroad are essential steps to regain trust, foster recovery, and, inevitably, return deposits to the people.

The Observatory stressed that an agreement with the International Monetary Fund (IMF) should be reached to restore the rights of the people and not at their expense.