Lebanon could face its biggest crisis since its Civil War, economists are warning as the country's currency hits new lows. Lebanon is now the first country in the Middle East and North Africa to see its inflation rate exceed 50% for 30 consecutive days, according to Steve H. Hanke, a professor of
Lebanon could face its biggest crisis since its Civil War, economists are warning as the country's currency hits new lows.
"We started receiving messages from educated people ... emailing us just for help," said Soha Zaiter, executive manager of the Lebanese Food Bank.The Lebanese rely heavily on imports, which constitute 60% of consumed goods, according to Lebanese economist Roy Badaro. Because of the very high correlation between importation and consumption, the spike in the exchange rate to the dollar then translates into a massive increase in retail prices.
While the Lebanese authorities have pledged financial aid to the poorest 43,000 families, there are worries that it didn't reach the right people. As talks with the International Monetary Fund have hit a stalemate, the Lebanese are left to rely on their diaspora for an influx of money.Rabah's cousin, who lives overseas, used to send money home to his family.
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