The World Bank will help Lebanon. The state will receive 300 million US dollars
The World Bank will allocate US$300 million to provide additional financing for the neediest families in Lebanon. Bloomberg reported on Friday that the country is mired in one of the worst economic and financial crises in history.
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The package will expand and expand cash packages to PLN 160,000. The foundation said in a statement that the poor families for a period of 24 months and will support the development of a “unified social safety net delivery system” in Lebanon.
The assistance provided is only a fraction of what Lebanon needs to deal with a collapse that has left three-quarters of the population in poverty. Efforts to increase financial intervention from abroad failed.
15 years of lost growth
Lebanon defaulted on $30 billion in international debt in 2020, leading to a catastrophic economic collapse. The massive drop in the value of the currency exacerbated the plight of the Lebanese and deprived them of their life savings, and their wages fell dramatically. After the first official devaluation in a quarter of a century (by 90%), the Lebanese pound has become the weakest currency in the world.
Lebanon’s GDP shrank by 40%. since 2018, which lost 15 years of economic growth. In April, inflation approached 270 percent.
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