The parliamentary finance committee announces it is no longer required to implement the borrowing law.
The parliamentary finance committee announces it is no longer required to implement the borrowing law.
10-4-2026
The Parliamentary Finance Committee announced on Sunday that it has dispensed with the borrowing law, while indicating that there are solutions for some banks that deal in dollars. The head of the committee, Uday Awad, stated in a statement to the official agency that “the problem of banking reform is a necessity in light of the current situation, and private and government banks have not risen to the level of solving the financial crisis and have not had any contributions to solving the financial crisis,” noting that “private banks have capabilities in view of their correspondence and international cooperation.”
He added that “private banks have submitted a set of reforms that will be discussed with the Central Bank, including why our banks are not like the Gulf banks in providing loans, facilities and deposit guarantees so that there is trust between the citizen and the banks,” indicating that “there will be a periodic meeting with the banks.”
Regarding the dollar issue, Awad explained that “the exclusion of some banks is a reality, as some of these banks are affiliated with political entities,” emphasizing “the necessity of preventing political interference in the financial situation.” He also affirmed that “there will be solutions and clear results in the coming days.”
Regarding the borrowing law, Awad confirmed that “the law has been dispensed with and there is no need for it at the moment, considering that the 2027 budget is coming from the government and the law will be included in the budget.”
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