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Lebanon continues to collapse without solutions

The Seventeenth of October 2021 is considered a pivotal date in Lebanon, due to the outbreak of protests in all Lebanese regions, with overwhelming anger toward political forces. This is a result of the economic crisis that began to crystallize in the days leading up to this date.


 


The first signs of the economic crisis began to show with the Lebanese government's failure to pay the "Eurobonds" to the International Monetary Fund. This is due to an unlimited rise in the exchange rate reaching up to Thirty Thousand Liras per dollar today. This also risked the collapse of the banking sector.


 


The World Bank, in its latest report on Lebanon, blamed Lebanon's ruling political party, which controls the reins of the state. Their economic decisions have been detrimental to the state.


 


The World Bank report described Lebanon's economic crisis as one of the most severe, since the 1950s, endangering the country's long-term stability and social peace, which economists feared.


 


In 2019, the economic collapse in Lebanon in addition to the poor state institutions included the basics on which the Lebanese citizen relied including the electricity sector. This united the majority of the people in the collapse of multiple sectors. With that gasoline, fuel, food and other commodities both in terms peaked at high prices due to inflation. This is the result of the subsidy lifting policies recently adopted by the government.


Lebanese flag


These risks have long been one of the reasons why the international community has insisted on demanding that the state implement reforms at all levels bring the country to recovery.


 


 


 


 


 


 


 


 


 


 


 


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Tags: #Lebanon #Beirut #fourth_of_august #World_Bank #seventeenth_of_october



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