BEIRUT (AP) — Lebanon’s as soon as burgeoning banking sector has been onerous hit by the nation’s historic financial meltdown. It has suffered staggering losses price tens of billions of {dollars} and most of the small nation’s lenders now face potential closures or mergers.

But bankers have been resisting makes an attempt to make their shareholders assume duty for these losses and as an alternative have been making an attempt to shift the burden to the federal government and even their very own depositors. The nation’s political class, blamed for many years of corruption and mismanagement that led to the meltdown, has additionally resisted reforms.

Restructuring the banking sector is a key demand of the Worldwide Financial Fund to start out getting Lebanon out of its paralyzing monetary disaster. The proposed IMF reforms will doubtless power many of the nation’s 46 banks — an enormous quantity for a nation of 5 million folks — to shut down or merge.

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