EC giving Lebanon €43m
2009-10-22 22:27
Beirut - The European Commission granted Lebanon aid worth €43m on Thursday, its office in Beirut announced.
An amount of €10m will go towards the promotion of human rights and democracy, according to the statement.
A further €8m will go in support of the so-called Paris III Conference reforms - an international conference on economic aid for Lebanon expected to provide the embattled country grants and low-interest loans to help it manage its huge public debt.
Last month, Lebanon's finance minister Mohammed Shattah admitted that more than half of the conditions imposed on Lebanon by the Paris III conference - including reforms and necessary procedures for access to funds - have not yet been implemented.
Shattah said the Lebanese government was undergoing discussions with donors to avoid losing the aid the Lebanese treasury expected to receive.
Lebanon's debt-to-gross domestic product ratio dipped to 162% from 180% over the past three years, but at $47.2bn it is still one of the highest in the world.
The European Commission statement also said that priority should be given to issues related to trade, including support for Lebanon's accession to the World Trade Organisation.
- SAPA