European Ambassador to Lebanon Ralph Tarraf warned on Tuesday, July 4, that delaying reforms will lead to “a further decline in the exchange rate, an increase in inflation, a drop in Central Bank reserves, a rise in emigration rates, the persistence of public debt, limited access to services and deteriorating social conditions.”
Tarraf tweeted that it is not too late for the Lebanese decision-makers to address the crisis and put Lebanon “on the path to recovery.”
The International Monetary Fund (IMF) had published a report on Thursday, June 29, in which it pointed out that no adequate measures have been taken to address the said crisis.
The IMF report stated that Lebanon’s economy shrank by 40% since the beginning of the crisis, while the local currency – the Lebanese Pound – lost 98% of its value, and inflation is at triple digits.
The latest IMF report on Lebanon paints a bleak picture: https://t.co/hAyoeFOO5q
The economy shrank by 40%, the Lira lost 98% of its value, and inflation is at triple digits.
— Ralph Tarraf (@EUAmbLebanon) July 4, 2023
