A deep financial and economic crisis
Lebanon, host to some 1,3 million Syrian refugees, has been for a few months in the grip of a very deep financial and economic crises. The Lebanese lira, officially pegged to the dollar, has lost nearly 30% of its value since August 2019 in the informal exchange rate. Scarcity of hard currency is hitting hard key imports, vital in an import-dependent economy. The economic recession is estimated to be at 7% for 2019. Local economists estimate at 20 billion dollars the package needed to rescue the economy, while according to the new finance minister, 4 to billion dollars are urgently needed for imports of wheat, fuel and medicine.
Continue reading “Economic crisis in Lebanon: what UNHCR is doing in the Bekaa, and what more is needed from the international community”