The economic crisis in Lebanon has only continued to worsen, as the country faces an currency inflation rate of over 300%. The value of the Lebanese Pound plunged by over 40% last week alone. Their salaries and savings are disappearing.
The coronavirus pandemic and subsequent lock down and travel restrictions in the country have further decimated an economy that was drowned in debt and was shrinking sharply before hand.
Over half of the country is in poverty and is finding it increasingly difficult to put the most basic foods on the table. Children in larger numbers are having to dig through trash cans just to find food to eat. Fathers are now offering their kidneys just to feed their children.
It is expected, that by the end of the year, up to 3/4 people in the country will be going onto food handouts. Fears are growing that we could see a repeat of the 1915-1918 famine which killed half the population of Lebanon.
It is unclear as to whether the wheat stockpiles that many oligarchs have had would be enough to feed the Lebanese people, but with them making it vastly more expensive, they have made the situation infinitely worse.
The prospects of a Lebanese deal with the IMF (not like that would help the Lebanese economy) are slim to none leaving no credit line there.
The reason Lebanon is in such a deep economic crisis now comes from a corrupt sectarian system, severe mismanagement, weak governance, oligarchs looting the country, and an incredibly corrupt Central Bank Governor Riad Salameh.
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