After six years of one of the world’s worst financial crises, Lebanon’s cabinet has approved a draft law that could give depositors back their money.In 2019, the Lebanese currency began spiralling. Banks locked their doors and prevented depositors from accessing their money.Recommended Stories list of 3 itemsend of listSome depositors were forced to hold up bank branches to get their own money.By the time the currency had been regulated, the Lebanese Lira had lost 98 percent of its value.To fix the situation, Lebanon’s cabinet is passing a so-called “gap law” that’s expected to be signed by the prime minister and president before heading to parliament for debate.Here’s everything you need to know about the so-called “gap law”.What’s good about the law?Depositors will be getting some of their money back.Under the law, anyone who deposited up to $100,000 will be reimbursed within four years. This is an improvement on past proposals, where the same amount would be repaid over more than a decade.However, observers noted that plans proposed in 2020, under the government of former Prime Minister Hassan Diab, had depositors receiving up to $500,000 back.“This was probably the biggest lost opportunity, and it was done to protect the banks,” Fouad Debs, a lawyer and member of the Depositors Union, told Al Jazeera.There is also supposed to be a full financial audit, according to Prime Minister Nawaf Salam.“A forensic audit … means [the banks] will open all their operations …
