The European Union (EU) has urged Lebanese authorities to undertake necessary structural reforms to unlock 3 billion U.S. dollars from the International Monetary Fund.
“Structural reforms are necessary to avoid Lebanon 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,” the EU said in a statement.
The EU said the delay in electing a new president for the country must not hinder the implementation of reforms 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,” it added.
Lebanon has been facing a deep financial crisis, which has caused a collapse of the local currency and plunged over 80 percent of its population into poverty.
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