The European Union has insisted on the priority for Lebanon to implement “agreed key reforms (as part of the agreement signed with the International Monetary Fund in 2022)” in order to restore the trust of international actors and Lebanese citizens in the financial system” and help “avoid Lebanon being trapped in a perpetual cycle of crises.”
“Electing a President and forming a fully functioning Government are critical,” said the EU in a joint statement issued by the embassies of its member states on Friday. However, it stressed that the “a delay” in these deadlines “should not hinder the implementation of agreed key reforms.”
In this context, it noted that, “the adoption of the 2024 budget within constitutional deadlines, the reforming of the bank secrecy law, and the stabilization of the exchange rate (on the parallel market), have shown that where there is a will, there is a way.”
The EU recalled that as part of the agreement signed with the IMF on April 7, 2022, it was agreed on a program of actions and reforms. “Unfortunately, since then, only limited progress has been made,” regretted the EU, which considers that “the very difficult reality that Lebanon is currently experiencing could and should serve as a driving force for change.” And to conclude, “The time to act is — always — now.”
IMF Delegation Visits Mikati
Meanwhile, Caretaker Prime Minister Najib Mikati received IMF Executive Director Mahmoud Mohieldin at the Grand Serail on Friday, who denied that “the Fund has the slightest intention of canceling the agreement signed with Lebanon.”
At a press briefing after the meeting, Mohieldin said that his meeting with Mikati was part of a series of meetings he would be holding with Lebanese officials to review relations between Lebanon and the IMF, and prepare for the participation of a Lebanese delegation, led by Deputy Prime Minister Saade Chami, in the IMF/World Bank Spring Meetings to be held in Washington from April 15 to 20.
