Report: Diab to Address Lebanese on Coronavirus, Deposits Haircuts

Prime Minister Hassan Diab is set to address the Lebanese on Thursday on the coronavirus crisis in the country and the government’s reform financial plan, al-Joumhouria daily reported on Wednesday.

Diab had on Tuesday expressed astonishment during the cabinet meeting, at what he said is a “campaign against the government regarding proposals for a deposits haircut,” noting that he will address this issue in a “detailed speech soon,” according to the daily.

“We will address the issue scientifically,” he was quoted as saying. “The Lebanese have endured enough crises, they can no longer bear being used as human shields to serve personal interests for some.”

Proposals for a deposits haircut amid an unprecedented economic and financial crisis in Lebanon drew the ire of politicians and people alike, with Speaker Nabih Berri saying “haircut and capital control were born dead.”

Berri pointed to a number of steps that could easily replace a haircut including “combating corruption, putting an end to the waste of public funds, deducting from bank interests and pumping new liquidity after merging and purifying banks.”

Moreover, the coronavirus outbreak emerged to add more crises to Lebanon's woes.

Until Tuesday, Lebanon recorded 641 cases of coronavirus and the death toll reached 21.