(Christian Science Monitor) Taylor Luck - The World Bank is calling Lebanon's economic collapse the worst the world has seen since 1850. The collapse of Lebanon is the product of financial and government mismanagement, political gridlock, and corruption among competing sectarian elites. Once a country of glitz and glamour, a financial and shopping hub for the Levant, Beirut and most of Lebanon are in darkness due to a lack of electricity. Last week, the government announced it was lifting fuel subsidies, leading to an immediate jump in the prices of gasoline, diesel for generators, and gas cylinders for cooking and heating. It now costs more than 300,000 Lebanese pounds - nearly half the monthly minimum wage - for 20 liters (5.3 gallons) of gasoline. Since 2019, the collapse of Lebanon's currency has meant Lebanese have lost 80% of the value of their savings. Fares for buses and shared taxis have shot up to the point where for many, the commute to work costs more than a day's salary. The shuttering of the national water company has left 2.7 million Lebanese without running water.
2021-10-28 00:00:00Full ArticleBACK Visit the Daily Alert Archive