EU Delegation: Lebanon Has Made ‘Only Limited Progress’ on Reforms

Lebanon's caretaker Prime Minister Najib Mikati heads a cabinet meeting, at the government palace in Beirut, Lebanon April 4, 2024. REUTERS/Mohamed Azakir
Lebanon's caretaker Prime Minister Najib Mikati heads a cabinet meeting, at the government palace in Beirut, Lebanon April 4, 2024. REUTERS/Mohamed Azakir
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EU Delegation: Lebanon Has Made ‘Only Limited Progress’ on Reforms

Lebanon's caretaker Prime Minister Najib Mikati heads a cabinet meeting, at the government palace in Beirut, Lebanon April 4, 2024. REUTERS/Mohamed Azakir
Lebanon's caretaker Prime Minister Najib Mikati heads a cabinet meeting, at the government palace in Beirut, Lebanon April 4, 2024. REUTERS/Mohamed Azakir

The Delegation of the European Union to Lebanon said Friday that the country has made “only limited progress” since April 2022 when it agreed on a program of actions and reforms with the International Monetary Fund (IMF).

“Its implementation would have unlocked over $3 billion in assistance, additional support from donors, put Lebanon back on the path of economic recovery and restored its international credibility,” the EU delegation said in a statement.

“Unfortunately, since then, only limited progress has been made,” it said.

According to the statement, the situation in Lebanon “could and should serve as a driver for change.”

It said it was “critical” to elect a president and form a fully functioning government. “But a delay should not hinder the implementation of agreed key reforms, in order to restore the trust of international actors and Lebanese citizens in the financial system.”

“The adoption of the 2024 budget within constitutional deadlines, the reforming of the bank secrecy law and the stabilization of the exchange rate, have shown that where there is a will, there is a way,” said the statement.

The delegation stressed that structural reforms are necessary to avoid the country being trapped in a perpetual cycle of crises.

“Decisive leadership is needed. The answers to Lebanon’s economic crisis can only come from within Lebanon,” it said.

“The time to act is - always – now,” the statement added.



Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo
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Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo

Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from US President Donald Trump's administration.
The world's largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, taking its gains for the year so far to more than 24%. It was last trading at $116,563.11, Reuters said.
"Bitcoin's new all-time high is being driven by relentless institutional accumulation - major players are scooping up supply and drying up liquidity on exchanges," said Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed.
Ether, the world's second-largest cryptocurrency, similarly jumped nearly 5% to $2,956.82, after earlier hitting a five-month high of $2,998.41.