After weeks of protest against the Lebanese falling pound against the US dollar, the Lebanese Parliament passed a law. They will be receiving financial help from the World Bank.
Half Of Lebanese Population Pushed To Poverty
As per the new law passed by the Lebanese Parliament, they will be receiving financial assistance from the World Bank on a loan for $246 million for 150,000 families. This comes after around 50 per cent of the country’s population is pushed into poverty.
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On Friday, the Parliament announced that they will also be taking a loan for $5.5 million from the World Bank for the small and medium enterprises in Lebanon. The country has been suffering their worst economic and financial crisis. There is a huge shortage of the US Dollar and the Lebanese pound has collapsed. Other than that, the unemployment and inflation rates are on a constant rise.
Following this, the Central Bank of Lebanon recently further tightened the regulations for the other banks in the country. This led them to let go of some of the employees and close some of the branches.
Reports suggest that the national currency has slipped to 10,000 Lebanese pounds for $1.
Lebanon Netizens Protest Against Falling Currency
Lebanon netizens recently took to streets to protest against the falling Lebanese pound against dollars. The protests erupted in some of the major cities like Sidon and Tripoli. Some of the villages in the Southern Lebanon also saw protests.
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The protestors reportedly blocked the highways and roads. Some even set tires on fire and sang slogans against the government for not being able to save the economy. Reports suggest that the protestors forced some of the currency dealers to close their shops from the market.
