Lebanon's Cabinet on Wednesday approved a long-delayed draft capital control law that still requires final approval from parliament amid a worsening financial crisis now in its third year, Information Minister Ziad Makari said in televised remarks following the session.
Formal capital controls are a policy recommendation of the International Monetary Fund, from which Lebanon hopes to secure an aid package after the country's financial system imploded in 2019, paralyzing the banking system and freezing depositors out of US dollar accounts.
