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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: 02 July 2024

In a concerted effort to shield Bangladesh's children from the hardships of manual labor and secure their future, the government is urged to prioritize critical initiatives. These include bolstering social security provisions, promoting alternative economic opportunities, ensuring universal access to education and
healthcare, and facilitating micro-financing options for former child laborers. These efforts draw inspiration from the enduring legacy of Bangabandhu Sheikh Mujibur Rahman and reflect Bangladesh's unwavering commitment to justice, equality, and compassion, ensuring every child's chance to thrive in a
labor-free environment.

Delwar Jahid, President of Bangabandhu Research and Development Institute and the Bangladesh Freedom Fighters Command Council Canada Unit and a senior faculty member, conveyed these sentiments during his inaugural address at a recent virtual seminar organized jointly by the Bangabandhu Research and
Development Institute (BRDI) and Step to Humanity Bangladesh in Central Alberta on June 29, 2024.

Keynote speaker Nasima Akhter, former director of the Bangladesh Rural Development Academy and an expert in women's and children's sociology, emphasized the urgent need to redefine childhood in the context of Bangladesh. She highlighted critical issues such as malnutrition and reproductive health affecting
young girls while also stressing the importance of addressing family conflicts that disrupt children's lives.

The seminar featured notable figures such as Dr. Anwar Zahid, former registrar of Comilla Britannia University and ex-director of the Bangladesh Rural Development Academy; Dr. Kamrul Hasan, son of the martyred intellectual Sadiq and former academy director; Dr. Ashraful Arif, Assistant Professor at Exim.
Bank Agricultural University Bangladesh; Khairul Ahsan Manik, Vice President of Step to Humanity Bangladesh and Senior Journalist at UNB; Shirin Ferdosi, Senior Teacher; Kora Hasan Ivana, Child Officer; Shamsul Habib, Journalist; and Moshiur Rahman, Vice President of the Bangabandhu Research and Development Institute, among others, present Syfur Hasan and Ashrar Jahid.

Dr. Anwar Zahid provided insights into Bangladesh's National Child Policy of 1994, the National Action Plan of 2005, and the UN Convention on the Rights of the Child, adopted in 2006. Dr. Kamrul Hasan explored the historical context of post-war Bangladesh, highlighting its ongoing struggles with child labor and its alignment with capitalist exploitation.

Speakers collectively underscored the economic dynamics influencing child labor, with poverty identified as a central root cause. The seminar served as a pivotal platform for robust dialogue on safeguarding Bangladesh's children from labor exploitation, reaffirming the nation's dedication to building an
equitable and prosperous society in line with the principles of Bangabandhu Sheikh Mujibur Rahman.