Beirut (Union)
Demonstrations and roadblocks took place in various Lebanese regions in protest against the significant deterioration in the value of the lira and the deterioration of economic conditions, coinciding with the continuation of the bank strike, while the ambassadors of 5 countries stressed the need to start the necessary economic and financial reforms in the country.
Yesterday, Lebanese protesters blocked a number of roads in northern Lebanon, to protest against the high exchange rate of the US dollar against the Lebanese pound, and the deterioration of their living conditions.
A number of protesters in several regions of northern Lebanon, including the city of Tripoli, blocked roads using cars, tanks, waste containers, stones and tires.
Dozens of taxi drivers also blocked the road in front of the Ministry of Interior headquarters in Beirut, to protest the deteriorating living conditions, especially since the taxi fare is 100,000 pounds ($1.3). Angry protesters also blocked the “Antelias-Bikfaya” highway with burning tires and waste containers, in protest against the living conditions and the high price of the dollar and fuel.
Yesterday, the Lebanese pound recorded a new record deterioration, as it crossed the threshold of 77 thousand against the dollar on the black market, which was reflected in a rise in fuel and food prices.
Since the summer of 2019, Lebanon has witnessed an economic collapse, during which the lira has lost nearly 95% of its value against the dollar, while since the beginning of this month, a new official exchange rate of 15,000 against the dollar has been adopted, compared to 1,507 lira previously. This coincides with an acute liquidity crisis, and banks stopped providing depositors with their money in dollars. Money changers and applications that monitor the exchange rate on the black market reported that the lira had crossed the threshold of 77,000 against the dollar.
This was reflected in an increase in fuel prices, as the price of a can of gasoline (20 liters) approached one million and 400 thousand pounds, “19 dollars”, which is equivalent to about a third of a soldier’s salary, in a country where 80% of the population is below the poverty line. Since 2021, the authorities have lifted subsidies on fuel, as well as on major commodities such as flour and medicine. Rabie Farah, a taxi driver for 12 years, said, “We suffocated due to the collapse of the lira. My income is not enough even to buy petrol.”
He added, “My house rent is $300, apart from eating and drinking. Where do I get the money from?”
Over the past few days, supermarkets have stopped pricing foodstuffs, in a country that relies mainly on imports.
The prolonged economic crisis is considered the worst in Lebanon’s history, and it is accompanied by political paralysis caused mainly by the terrorist “Hezbollah” militia, which prevents taking reform steps that limit the deterioration and improve the quality of life of the population.
Political paralysis exacerbates the situation, in light of a presidential vacuum for months, during which the country has been run by a caretaker government that is unable to take necessary decisions, including reforms that the international community requires to provide support in order to stop the bleeding. The ambassadors of the five countries that held a meeting in Paris a few days ago to discuss the situation in Lebanon stressed the need to start carrying out the necessary economic and financial reforms in the country, during their meeting with the Minister of Foreign Affairs and Expatriates in the Lebanese caretaker government, Abdullah Bouhabib.
Yesterday, Minister Bouhabib received the ambassadors of the five countries, who are: “Ambassador of France Anne Griot, Ambassador of the United States Dorothy Shea, Ambassador of Egypt Yasser Alawi, Ambassador of Qatar Ibrahim Abdel Aziz Al-Sahlawi, Chargé d’Affairs of the Saudi Embassy Faris Hassan Amoudi,” according to a statement from the Lebanese Foreign Ministry. During the meeting, the ambassadors stressed “the need to start carrying out the necessary economic and financial reforms, bearing in mind that the five countries will keep their meetings open to follow up on developments.” The ambassadors briefed Minister Bou Habib on the results of the five-way meeting that was held in Paris, and stressed the need to expedite the election of a president for the republic. A meeting was held in Paris on February 6, which included general directors and senior officials in the French, American, Saudi, Egyptian and Qatari foreign ministries. It was called the five-way meeting, which dealt with the situation in Lebanon.
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