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Created: 26 December 2025

BEIRUT, Lebanon, Dec 27, 2025 (BSS/AFP) - Lebanon's government on Friday approved a draft law to distribute financial losses from the 2019 economic crisis that deprived many Lebanese of their deposits despite strong opposition from political and banking officials.

The draft law is a key demand from the international community, which has conditioned economic aid to Lebanon on financial reforms.

It will be submitted to the country's divided parliament for approval before it can become effective.

The cabinet passed the draft bill with 13 ministers in favour and nine against. It stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.

Prime Minister Nawaf Salam told journalists after the session that the bill "is not ideal... and may not meet everyone's aspirations" but is "a realistic and fair step on the path to restoring rights, stopping the collapse... and healing the banking sector".

According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.

Depositors who have less than $100,000 in the banks, and who constitute 85 percent of total accounts, will be able to recover them in full over a period of four years, Salam said.

Larger depositors will be able to obtain $100,000 while the remaining part of their funds will be compensated through tradable bonds, which will be backed by the assets of the central bank.

The central bank's portfolio includes approximately $50 billion, according to Salam.

The premier said the bill includes "accountability and oversight for the first time".

"Everyone who transferred their money before the financial collapse in 2019 by exploiting their position or influence... and everyone who benefited from excessive profits or bonuses will be held accountable and required to pay compensation of up to 30 percent of these amounts," he said.

Responding to objections from banking officials, who claim components of the bill place a major burden on the banks, Salam said the law "also aims to revive the banking sector by assessing bank assets and recapitalising them".

France, which has repeatedly pledged support for Lebanon's efforts on economic reform, welcomed the passing of the law by the cabinet, calling it "an essential first step towards restoring the confidence of the Lebanese people in Lebanon's banking system".

The International Monetary Fund, which closely monitored the drafting of the bill, previously insisted on the need to "restore the viability of the banking sector consistent with international standards" and protect small depositors.

Parliament passed a banking secrecy reform law in April, followed by a banking sector restructuring law in June, one of several key pieces of legislation aimed at reforming the financial system.

However, observers believe it is unlikely that parliament will pass the current bill before the next legislative elections in May.

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Created: 16 April 2025

Vaisakhi Celebrated with Spirit and Tradition at Alberta Legislature

Edmonton, April 15, 2025 — The halls of Alberta’s Legislature Building were filled with vibrant color, music, and spirit today as Honourable Nathan Cooper, Speaker of the Legislative Assembly, hosted a special Vaisakhi celebration at the historic Rotunda at 11:45 a.m. The event drew community leaders, cultural groups, and elected officials together to recognize this significant festival for the Sikh community and other South Asian cultures.

In a gesture of unity and celebration, Speaker Cooper opened the Legislative session later that afternoon by acknowledging the Vaisakhi ceremony and recognizing guests who participated earlier in the day. Addressing the Assembly, he said, “Happy Vaisakhi to everyone,” before inviting distinguished guests in the gallery to rise and be acknowledged with the Assembly’s warm welcome.

Among the honored guests were Dr. Amit Kumar, Lipika Choudhury, Puneet Manchanda, Ilona Maitra, Rajeev Mittal, Harjeet Singh, and Delwar Jahid, Bangladesh origin an eminent journalist reflecting the diversity and community involvement that the event embodied.

A highlight of the celebration was the performance by the Gurukul Dance Studio of Calgary, whose members led the singing of the anthem at the Rotunda event. Their graceful presentation set the tone for a morning steeped in heritage and harmony.

During the session, MLA Mr. Singh (Calgary-East) proudly introduced members of the Sarb Akal Society of Calgary, a group deeply rooted in cultural preservation and community service, led by Mr. Harjeet Singh. Their presence at the Legislature underscored the importance of acknowledging and uplifting cultural identities within public service and civic pride.

Members from various constituencies also took part in the day’s celebration, introducing school groups and community organizations, all of whom received heartfelt welcomes from the Assembly. MLA Ms. Lovely (Camrose) shared her admiration for the young performers from Gurukul, while MLA Mr. Stephan highlighted the contributions of the YYC Society, and MLA Ms. de Jonge welcomed community leaders and families from Chestermere who attended the Vaisakhi ceremony.

The formal session began with the Speaker’s opening prayer, invoking guidance and wisdom for all in positions of leadership — a sentiment echoing the values of service and humility celebrated during Vaisakhi.

As the Legislative Assembly continued with its regular proceedings, the spirit of the morning’s celebration lingered — a testament to Alberta’s commitment to cultural inclusion and recognition of its richly diverse population.

Vaisakhi, which marks the Sikh New Year and the founding of the Khalsa in 1699, is a time of joy, reflection, and community service. Today’s event at the Alberta Legislature served not only as a celebration of that legacy but also as a reminder of the strength found in multiculturalism and shared values.

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Created: 14 March 2025

Ambassador Harun Faces Threats Following Explosive Allegations Against Dr. Yunus

Former Bangladeshi diplomat Mohammad Harun Al-Rashid has been intensely scrutinized after making explosive allegations against Nobel laureate Dr. Muhammad Yunus. In a series of social media posts, Harun accused Dr. Yunus of orchestrating the overthrow of Prime Minister Sheikh Hasina’s elected government and establishing an oppressive regime. His statements have sparked outrage, leading to threats against him.

Harun, who previously served as Bangladesh’s ambassador to Morocco, has been accused of failing to return to Dhaka after leaving his post, instead seeking refuge in Canada. His recent Facebook post, published on March 14, painted a grim picture of Bangladesh under Dr. Yunus’s leadership, accusing him of seizing power through violent means.

Allegations of a Forced Takeover

In his post, Harun alleged that a coordinated attack on August 5, 2024, led to Sheikh Hasina’s removal, describing it as "one of the darkest chapters" in Bangladesh’s history. He claimed that following this event, Dr. Yunus emerged as the de facto ruler, branding the alleged power shift as a "successful terrorist act that changed the nation overnight."

Harun further accused figures such as Pinaki Bhattacharya and Ilias Hossain of spreading extremist propaganda from abroad, specifically from France and the United States, to destabilize Bangladesh. He claimed these individuals played a role in fomenting unrest, allegedly targeting the Bangabandhu Memorial Museum.

Claims of Persecution and Suppression

The former diplomat also asserted that under Dr. Yunus’s rule, Bangladesh’s secular identity had been systematically dismantled. He accused the new administration of enabling jihadist groups, persecuting minorities, and suppressing women’s rights. According to Harun, Sufi shrines, Hindu temples, and cultural landmarks have been destroyed under Yunus’s leadership, while extremist groups like Hizb ut-Tahrir and Al-Qaeda have gained influence.

Harun further alleged that members of extremist organizations had been appointed to key government positions, while others were allowed to form political parties. He claimed that his dismissal as ambassador to Morocco was orchestrated by pro-Yunus influencers, including YouTuber Zulkarnain Saer Samir, allegedly as retaliation for writing a book on Bangamata Sheikh Fazilatunnesa Mujib.

Government Response and Rising Tensions

Harun’s allegations have intensified political tensions in Dhaka. Reports suggest that the interim government is preparing disciplinary measures against him for his public criticism and refusal to return to Bangladesh. The Ministry of Foreign Affairs is expected to finalize its response by March 14, though the exact nature of the action remains unclear.

Meanwhile, pro-Yunus supporters on social media have condemned Harun’s statements, with some calling for legal action against him. The situation has escalated to the point where Harun has reportedly faced threats, further complicating his status abroad.

A Career in Diplomacy Now in Question

A seasoned diplomat, Harun joined the Foreign Service in 2001 and has held key positions in Rome, Cairo, Mexico City, and Madrid. He later served as Deputy High Commissioner in Canada before he was appointed ambassador to Morocco. His recent statements, however, have placed him at the center of a growing political storm, raising questions about his future within Bangladesh’s diplomatic service.

As tensions mount, the international community is closely watching the unfolding situation, with concerns about its implications for Bangladesh’s political stability and diplomatic affairs.