Lebanon's government is expected to step down Monday, two government sources say, less than a week after a massive explosion in Beirut killed more than 160 people and sparked days of violent protests.
A senior ministerial source told CNN he believed the government would be reduced to caretaker status by Monday night. Three cabinet ministers have already quit, along with seven members of parliament.Lebanon was already suffering through its worst economic crisis in decades, coupled with rising coronavirus rates, and the government was plagued by accusations of corruption and gross mismanagement.
The government had also been seen as powerless in the face of a growing banking crisis. The state has not passed a capital controls law, exacerbating the country's severe liquidity crunch. The majority of people in the country have been subject to stringent and arbitrary cash withdrawal limits for nearly a year. Meanwhile, billions of US dollars are widely believed to have been withdrawn from Lebanon by the country's economic elite, further depleting foreign currency reserves.
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