The caretaker government leaked its new project to launch a recovery plan that encompasses several projects under its banner, including the return of deposits, restructuring of the banking sector, and reorganization of the financial system.

It is impossible to have an objective and scientific discussion about the details of this plan before reading it carefully, as each item in it requires scrutiny to deduce its benefits and harms.

However, it is easier to judge the spirit of the plan, which still revolves around basic headings, which can be summarized as follows:

Firstly - an indirect cancellation of deposits, although the means adopted for camouflage and the claim that the ultimate goal is to ensure the return of deposits may vary.

Secondly - absolving the state and exempting it from paying its debts, or part of them.

Thirdly - exempting its central bank from fulfilling financial obligations and commitments.

Fourthly - disguising the facts related to cancellation through the illusion that a deposit recovery fund has become a reality, and that the task of returning deposits to their owners is entrusted to it as an independent institution.

These facts constitute the broad headlines of the new plan, which are the same headlines of all the flimsy plans that have fallen to date.

With the emphasis that any plan, no matter how bad and destructive, is in principle "more merciful" than staying without a plan, waiting for the exhaustion of the remaining capacities and funds that could be relied upon to build plans.

The major calamity in this plan is that its broad headings themselves involve a lot of camouflage and deception.

How is it possible to guarantee the payment of 100,000 dollars to each eligible depositor, and 36,000 dollars for ineligible deposits, if the liquidity that can be provided from the remaining funds in the central and the banks is not enough to guarantee half of the required amount, which was estimated at 30 billion dollars.

The detailed question: Since the liquidity conditions in banks are not equal, meaning that a significant number of banks cannot meet what the government has outlined on paper, what will be the fate of the depositors of these banks?

And how does this government allow itself to be exempt from any obligation towards repaying its debts, especially after reviewing the forensic audit report, knowing that it is responsible for squandering around 67.5 billion dollars until 2020, all of which are funds from people's deposits? And the worst part of this exemption is that it included its central bank.

The glaring paradox here is that the central bank itself acknowledged these "debts" in its financial statement, clearly stating that the state is responsible for these losses, although it also admitted that the state, in its current condition and before adopting a comprehensive plan, is incapable of fulfilling these obligations.

But the surprise is that the plan everyone is waiting for, instead of paying off the debts, the government decided to erase them from the state's records, and from the records of its central bank, claiming that this way it would return the depositors' money, and restructure and launch the banking sector to play its role in injecting life into the economy's veins!

This article was initially published in Arabic in 'Nidaa Al Watan' newspaper, translated by Christina Rai.