Mon, 05 Jun 2023

EU urges Lebanon to reach deal with IMF for bailout

01 Apr 2023, 12:30 GMT+10

BEIRUT, April 1 (Xinhua) -- European Commissioner for Crisis Management Janez Lenarcic on Friday urged Lebanon to reach a bailout agreement with the International Monetary Fund (IMF) to get out of its economic plight, the Lebanese National News Agency reported.

At a press conference held here to conclude his two-day visit to Lebanon, Lenarcic said that Lebanon is going through a difficult situation as a result of multiple crises, including a financial crisis, political paralysis, and the Syrian refugee problem.

Speaking of a 60-million-euro (65 million U.S. dollars) humanitarian aid he announced on Thursday for the most vulnerable people in Lebanon, he said the aid "is not a sustainable solution in the long term, but rather emergency aid to save life."

"It is essential to start addressing the roots of the multiple crises in Lebanon. Comprehensive governance and an agreement with the IMF are prerequisites to pave the way for much-needed reforms for a better future for the Lebanese," the official said.

Progress towards finalizing a 3-billion-dollar bailout package from the IMF for Lebanon has largely stalled as the country has yet to implement required reforms.

Sign up for Lebanon News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!