# European Union: The Necessity of Comprehensive Economic and Financial Reforms in Lebanon

A statement from the European Union mission in Lebanon and the embassies of member states represented in Beirut said: "Two years ago, on April 7, 2022, Lebanon and the International Monetary Fund (IMF) agreed on a program of steps and reforms, the implementation of which would have provided $3 billion in aid, along with additional support from donor countries, placing Lebanon back on the path of recovery and restoring its international credibility. Unfortunately, only limited progress has been made. The European Union recognizes the extremely difficult circumstances Lebanon is currently facing. However, this situation can be a driving force for change, and it should be. Electing a president and forming a fully functioning government are essential. Yet, delays should not hinder the implementation of the key agreed reforms to restore the trust of the international community and Lebanese citizens in the financial system. The adoption of the 2024 budget within constitutional deadlines, the reform of the banking secrecy law, and the stabilization of the exchange rate demonstrate that solutions are possible when there is the will. Structural reforms are necessary to prevent Lebanon from falling into a cycle of ongoing crises. Decisive leadership is needed. Responses to confront Lebanon's economic crisis can only come from within. The European Union stands firmly by Lebanon and its people in seeking a brighter future, and the time for action is always now."