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UN warns of impending ‘social catastrophe’ in Lebanon as cash set to run out
An anti-government protester holds an Arabic sign that reads: "Our money is not yours. Return our stolen money," during a protest in front of the building of the Lebanese Association of Banks in Beirut, Lebanon
THE United Nations warned of an impending “social catastrophe” in Lebanon today after cash used for state subsidies was said to be running short.
Lebanon’s central bank governor Riad Salameh urged the government to come up with a plan, after saying last week that the subsidies would only last for another two months.
The central bank has been subsidising basic goods by providing hard currency to importers at the old exchange rate of 1,500 Lebanese pounds to the dollar, even as the former fell by 80 per cent.
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