BEIRUT: Janez Lenarcic, the European Commission's Commissioner for Crisis Management, has urged Lebanon to reach a rescue deal with the International Monetary Fund (IMF) in order to escape its economic predicament.

Lenarcic said on Friday that the country is experiencing a difficult situation as a result of multiple crises, including a financial crisis, political paralysis, and the Syrian refugee problem, at a press conference held here to conclude his two-day visit to Lebanon, as per reports,

The 65 million dollar ($60 million) in humanitarian help he offered on Thursday for Lebanon's most vulnerable citizens was described by him as "immediate relief to save life" rather than "a sustainable solution over the long term."

Comprehensive governance and an agreement with the IMF are requirements to open the way for much-needed reforms for a better future for the Lebanese, the official added. "It is vital to start tackling the foundations of the numerous crises in Lebanon.

The IMF's efforts to finalise a $3 billion rescue package for Lebanon have mostly stagnated since the nation has not yet carried out the necessary changes.

The worst, multifaceted catastrophe Lebanon has ever experienced has been ravaging the country for almost three years.

According to the World Bank, the dual economic effects of the Covid-19 pandemic and the enormous Port of Beirut explosion in August 2020 have further aggravated the ongoing economic and financial crisis that began in October 2019.

The economic crisis has had the most (and longest-lasting) negative effects of the three.

The World Bank downgraded Lebanon from upper middle-income category to lower middle-income level in July of last year.

Moreover, the unemployment rate rose from 11.4% in 2018–19 to 29.6% in 2022.

The Lebanese pound fell to 100,000 LBP per US dollar for the first time ever earlier this month.

Up to October 2019, the pound and the dollar were convertible at a rate of 1,500 LBP to 1 USD.

For the government to be able to execute the required reforms and stop the collapse, economists in Lebanon have been urging officials to elect a new president and create a new cabinet.

What is Trump's porn star Stormy case...?, surrounded by former US President Donald

Zelensky extends a visitation invitation to Xi Jinping of China

Erdogan claims that the West is attempting to provoke conflict with Russia in Turkey