Lebanese lawmakers have approved a banking restructuring law after a months’ long struggle, a key step sought by international donors to reform the country’s defunct financial sector.

Ibrahim Kanaan, head of the finance and budget committee, said legislators had done their best to take the IMF’s comments into consideration and ensure the independence of the body from banks and political influence.

“I don’t see how it’s giving the governor more power,” he said of the structure, which was based on what he said was the central bank governor’s proposal.

“This kind of legislation is overdue,” he added. “It’s the first step towards getting out of this mess . . . But we should not forget the elephant in the room, which is the gap law.”