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.
