“Lebanon, as a shareholder in the IMF [International Monetary Fund], has special drawing rights. The more than $1bn Lebanon has withdrawn is definitely a lifeline, but the question is how the government will spend it. Will it continue subsidising goods, a policy which has been criticised because it has led to smuggling and importers hoarding fuel and creating a black market? Or will it use this money to support half a million families, vulnerable families who are desperately in need of $100 cash assistance every month? The economy has collapsed. More than 80 percent of the population is poor. The currency has collapsed. There are a lot of challenges ahead. But that $1bn - of course it will help - but that is a short term solution. What this government needs to come up with is a sustainable path to recovery.”
13 Sep 2021
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