BEIRUT: A visiting EU official said Friday that disbursing half a billion euros in funding to Lebanon was conditional on a banking sector restructure and reaching an agreement with the International Monetary Fund.
In May last year, the European Union announced one billion euros ($1 billion) in aid for Lebanon to help stem irregular migration to the bloc, with the assistance designed to strengthen basic services including education and health amid a severe economic crisis.
The EU Commissioner for the Mediterranean Dubravka Suica on Friday said that of the allocated funds, “500 million (euros) was already adopted in August last year, and another 500 million will come soon, but there are some conditions.”
“The main precondition is the restructure of the banking sector... and a good agreement with the International Monetary Fund,” she told a press conference after meeting with President Joseph Aoun.
“Once these conditions will be fulfilled we will continue of course with disbursing” the funds, she added.
The international community has long demanded Lebanon enact reforms to unlock billions of dollars to boost the economy after a financial crisis widely blamed on mismanagement and corruption took hold in 2019.
Lebanon last month elected a new president after a more than two-year vacuum. This month it formed a government, replacing the previous administration that had been operating in a caretaker capacity.
This week, the IMF said it was open to a new loan agreement with Lebanon following discussions with its recently appointed finance minister.
Suica also said she discussed with Aoun a “new pact for the Mediterranean” which means “we will start bilateral comprehensive strategic partnership agreements with countries including Lebanon,” without providing details.
She and Aoun also discussed issues including a ceasefire in the recent war between Israel and Hezbollah, as well as Lebanon’s army and the Syria crisis, she added.
Suica was scheduled to meet with other senior officials including Prime Minister Nawaf Salam and parliament speaker Nabih Berri during the visit, according to an EU statement.
The EU is desperate for stability in the Middle East and the Mediterranean region as it hopes to avoid major flows of migrants to Europe.
Lebanon says it hosts some two million Syrians, the world’s highest number of refugees per capita, and has also been a launchpad for Europe-bound migrants.
EU official says Lebanon funding outlay depends on banking restructure, IMF deal
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EU official says Lebanon funding outlay depends on banking restructure, IMF deal
- IMF said it was open to a new loan agreement with Lebanon following discussions with its recently appointed finance minister
- European Union announced one billion dollars in aid for Lebanon to help stem irregular migration to the bloc
Air India 777 aircraft turns back after drop in engine oil pressure, regulator says
- The aircraft, which was headed to Mumbai, landed safely back in Delhi and the incident will be investigated
- Air India has been under intense scrutiny this year after the June 12 crash of a Boeing Dreamliner killed 260 people
BENGALURU: An Air India Boeing 777 aircraft had to turn back after a drop in oil pressure forced the pilots to turn off one of the jet’s engines, India’s aviation regulator said on Monday.
The aircraft, which was headed to India’s financial capital of Mumbai, landed safely back in Delhi and the incident will be investigated, the Directorate General of Civil Aviation (DGCA) said in a statement. Modern aircraft are designed to safely fly and land on a single engine, if required. Air India has been under intense scrutiny this year after the June 12 crash of a Boeing Dreamliner killed 260 people. The DGCA has flagged multiple safety lapses at the airline, which was previously owned by the government till 2022. An Air India investigation into why one of its planes conducted commercial flights without an airworthiness permit found “systemic failures,” with the airline admitting it needed to do better on compliance, Reuters reported earlier this month.
On Monday, pilots observed a low engine oil pressure on the B777-300ER aircraft’s right-hand engine during flaps retraction after take-off. The pressure shortly thereafter dropped to zero and the crew shut down the engine and turned back as per procedure, the DGCA said.
“Air India sincerely regrets inconvenience caused due to this unforeseen situation. The aircraft is undergoing the necessary checks,” an Air India spokesperson said in a statement. The aircraft is 15 years old and has flown to locations such as Vienna, Vancouver and Chicago, according to Flightradar24. Boeing did not immediately respond to a request for comment on the incident.
