Lebanon protests escalate amid deteriorating economy, currency devaluation
The IMF has offered Lebanon a bailout, but the parliament must first elect a president and enact government reforms
By DEBBIE MOHNBLATT/THE MEDIA LINE
Protests have broken out in Lebanon once again in response to the country’s deteriorating economy and the dramatic devaluation of the Lebanese pound. The International Monetary Fund offered aid to Lebanon on the condition of government reforms, which can only be fully enacted when a new president is elected.
Over the last three years, the Lebanese pound lost more than 97% of its value against the dollar, and its value further declined by 15% on Tuesday. One US dollar is currently worth 140,000 Lebanese pounds. One week ago, a dollar was worth 100,000 LBP. Less than four years ago, in September 2019, a dollar was worth 1,500 LBP.
more.............. https://www.jpost.com/middle-east/article-735335
The IMF has offered Lebanon a bailout, but the parliament must first elect a president and enact government reforms
By DEBBIE MOHNBLATT/THE MEDIA LINE
Protests have broken out in Lebanon once again in response to the country’s deteriorating economy and the dramatic devaluation of the Lebanese pound. The International Monetary Fund offered aid to Lebanon on the condition of government reforms, which can only be fully enacted when a new president is elected.
Over the last three years, the Lebanese pound lost more than 97% of its value against the dollar, and its value further declined by 15% on Tuesday. One US dollar is currently worth 140,000 Lebanese pounds. One week ago, a dollar was worth 100,000 LBP. Less than four years ago, in September 2019, a dollar was worth 1,500 LBP.
more.............. https://www.jpost.com/middle-east/article-735335
