This post is about Lebanon’s economic crisis.
First, here is the L’Orient Le Jour’s article (French content):
Second, here is a quick translation into English, thanks to Google Translate:
As a reminder, Lebanon is facing a historically tragic economic crisis triggered by decades of systemic corruption and likely mismanagement of public funds. Indeed, there is hyperinflation in the Land of Cedars following a HUGE depreciation of its currency, the Lira. The latter has been in free fall since October 17, 2019. Although, for decades, the Lira was pegged to the US dollar at 1500, it recently hit a new low against the dollar on the black market, namely below 30,000.
Stated differently, the Lira has lost almost 95 percent of its value in 24 months. Can you imagine the daily life of Lebanese people struggling to cope with the economic crisis? How do they afford to survive, from day to day, both financially and psychologically speaking?
Yes, how do the people of Lebanon keep hope alive when their basic needs, namely a continuous access to electricity or water, are NOT met. Add to this the the more limited access to medical care or the lacking medication?! To illustrate the latter, just check this cry for help (in Arabic) by Ms. Jessy Habchy who needs financial support for her cancer treatment!
To come back to gasoline and to conclude this post, in addition to the unaffordable fuel critical to run hospitals, factories, and private generators, there is an absence of a reliable and safe public transportation. Thus, the gasoline problem of Lebanon is surely getting out of proportion. What is next for the Land of Cedars? Is there any envisioned solution and, if so, what is its timeline and possible outcome?