Lebanon’s central bank said Wednesday it would take the lead in drafting the initial version of a long-awaited plan to restructure the country’s banking sector, but emphasized the plan would not be unilaterally imposed and would require the approval of all major stakeholders, including the government, the IMF, and commercial banks.

In a statement, Banque du Liban (BDL) said the first draft of the restructuring plan would be prepared by the bank’s leadership, including the governor and senior executives, and would later be discussed with the International Monetary Fund, the Prime Minister’s Office, relevant ministries, selected presidential advisers, and a group of international financial experts with experience managing systemic banking crises.

The central bank stressed the process would be conducted “methodically and carefully” to tackle the deeply rooted challenges facing Lebanon’s crippled economy, public finances, and ailing banking sector, which has been at the heart of the country’s financial meltdown since 2019.

“There will be no ‘one plan from BDL’ imposed for implementation,” the statement said, noting that the ultimate goal is to establish a unified, coherent, and flexible approach supported by all parties.

The central bank underscored that any plan must have broad consensus and must prioritize repaying small depositors and gradually recapitalizing banks to restore their ability to lend and support economic growth.

BDL also highlighted the critical role of the Lebanese Parliament in the process, particularly the Finance and Budget Committee and the Administration and Justice Committee, which will be responsible for reviewing, debating, drafting, and enacting a set of emergency laws needed to implement the final version of the plan.

The central bank warned that the plan’s success would hinge on “economic compromises and sacrifices from all parties without exception.”

In its statement, BDL reiterated that stakeholders must rally around a single objective, not merely a single plan, focused on achieving a gradual and sustainable recovery for Lebanon’s battered economy. That recovery, it said, must be anchored in a stronger banking sector, an independent central bank, and a fair and realistic mechanism for deposit repayment over time.