press releases 2007

The United States signed a Memorandum of Understanding with the Government of Lebanon to provide $250 million in economic assistance.   U.S. Agency for International Development Mission Director Raouf Youssef and Minister of Finance Jihad Azour signed the economic assistance agreement at the Grand Serail, July 5, 2007.  U.S. Ambassador Jeffrey D. Feltman witnessed the signing.  The United States is providing the $250 million in economic assistance as part of its $770 million Paris III International Conference pledge to support Lebanon. 

The United States assistance aims to support the Government of Lebanon's ambitious economic reform program, to help Lebanon reduce its debt and to provide better quality services to all its citizens.  The United States will, over the next 12 months, disburse the $250 million in successive tranches as the Government of Lebanon achieves economic reform objectives that it sets for itself.  These include signing  an ُEmergency Post Conflict Assistance Agreement (EPCA) with the International Monetary Fund, a step that Lebanon took earlier this year, submitting a 2007 budget law, addressing excise rates on gasoline and moving ahead on telecom privatization.

Ambassador Feltman said, “Sustained economic reform is a real challenge, particuarly given the current difficult political circumstances.  Nevertheless, the United States has confidence in the Government of Lebanon’s commitment to pursue the reforms necessary to create the conditions to encourage sustained economic growth.  The United States is proud to support Lebanon’s economic reform program and efforts to create a more prosperous Lebanon.”