by admin | September 16, 2022 12:47 pm
Lebanon is facing one of the most severe socio-economic collapses. This has led to dramatic food insecurity for both
the citizens and thousands of refugees living in Lebanon. Lebanon was already suffering from the economic recession compounded by the COVID-19 pandemic, when a devastating blast hit the capital Tripoli’s port on August 4, 2020. The
war in Ukraine increased inflationary pressures. It was reflected in many economic indicators showing the gravity of the multidimensional crisis on food and living security. Since October, 2019 Lebanon is facing a severe economic collapse including a currency crisis with a severe depreciation of the local currency against the US dollar and continuous inflation, a fiscal crisis with one of the highest levels of public indebtedness worldwide leading to a payment default in March, 2020. There is also a banking crisis with the impossibility of withdrawals and transfers in foreign currency from local deposits.
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