Lebanon says World Bank has approved a $150m soft loan for food – The National

Lebanon says World Bank has approved a $150m soft loan for food – The National

The World Bank has approved a $150 million soft loan to support Lebanon's wheat imports and keep bread prices stable, Economy and Trade Minister Amin Salam said on Monday.

The war in Ukraine, a major wheat supplier, has affected global supply and raised prices at a time when Lebanon is struggling after more than two years of economic crisis. The Lebanese pound has lost more than 90 per cent of its value since the crisis hit in late 2019, severely affecting the country's ability to pay for imports.

“We have been working with the World Bank for nearly a month on an agreement for a subsidised loan to Lebanon worth $150 million dollars to create a kind of stability by providing bread bundles at subsidised prices,” Mr Salam said in Beirut.