By Najia Houssari – arabnews.com — BEIRUT: The Lebanese parliament’s session was adjourned on Wednesday after protesting depositors threw stones at deputies and insulted them for continuing to discuss the capital control bill. The government amended the draft bill and sent it to parliament for a second time, but no agreement was reached and the session was cut short. Formal capital controls are an International Monetary Fund policy recommendation, and Lebanon hopes to secure an IMF aid package after its financial system imploded in 2019, paralyzing the banking system and freezing depositors out of their US dollar accounts. Some politicians from the Lebanese Forces Party and the Free Patriotic Movement refused to discuss the draft law before reviewing the “economic recovery plan,” which they say “is trying to swallow up the rights of depositors.”
George Adwan, the head of the Parliamentary Administration and Justice Committee, said: “The plan will write off $60 billion of debt, and the depositors will bear the losses.” He called for “a plan that defines responsibilities first, and then searches for capital control,” adding that any research “outside the path of determining responsibilities and distributing losses means taking the country into the unknown.” Ibrahim Kanaan, head of the Parliamentary Budget Finance Committee, said: “How can we freeze the deposits while we do not know what is left of them? People have rights that must be preserved. The depositor should not be held responsible for the state’s wear and tear, but rather the Bank of Lebanon, private banks and the state.” Meanwhile, Elie Ferzli, the deputy parliament speaker, defied depositors who were protesting in the street by ramming them with his car as he drove into the parliament courtyard. They responded by throwing stones and shouting at him. Footage of the incident went viral on social media. As he was leaving the meeting hall, Ferzli mocked the protesters, telling a journalist he was “ready to do it again.”