Middle East

Lebanon needs “6-7 years” to recover from the crisis

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The Lebanese president estimates that the country needs time to overcome the financial crisis, as the central bank governor says about $ 15 billion will help the recovery.

President Michel Aoun of Lebanon can be seen in this handout released on September 24, 2021 when Darati Nora was addressing the UN General Assembly via a video message recorded in Barbda, Lebanon. .. (Reuters)

President Lebanon said it would take time to tackle the financial crisis facing the country.

“It will take six to seven years to get out of this crisis,” Michel Aoun said in a television interview on Friday.

Lebanon’s economy has been freewheeling since 2019, when debt heaps and political plight pushed the country into the most serious crisis since the civil war of 1975-1990.

With more than 80% of the population in poverty and the political turmoil delaying the agreement with the International Monetary Fund, currencies have lost more than 90% of their black market value.

read more: United Nations: Children’s future is “at risk” as Lebanon tackles the financial crisis

$ 15 billion for recovery

Central bank governor Riad Salame said Wednesday that the country’s mandatory dollar reserves have been cut by more than half, threatening subsidy programs for fuels, medicines and flour.

“Our allocation of the International Monetary Fund is 4 billion,” Salame said in an interview.

“If countries add to this, it could reach 12 to 15 billion, which could help start the recovery of Lebanon and regain confidence,” he said.

Lebanon defaulted for the first time last year, but political leaders continue to resist the major reforms donors demand to free the money they need.

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Source: TRT World and distributors

https://www.trtworld.com/middle-east/lebanon-needs-6-7-years-to-recover-from-crisis-52990?utm_source=other&utm_medium=rss Lebanon needs “6-7 years” to recover from the crisis

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