Lebanon’s financial crisis explained: what happened and why is the country stuck? – The National

Lebanon’s financial crisis explained: what happened and why is the country stuck? – The National

The Association of Banks in Lebanon (ABL) on Tuesday rejected a financial recovery road map adopted by the Lebanese government for a second time, drawing a sharp rebuke from the Cabinet.

On the same day, the local currency dropped to a record low of 34,000 Lebanese pounds against the US dollar, meaning it has lost 95 per cent of its value compared to pre-crisis levels.

The ABL and successive governments have disagreed for more than two years about how to address the country’s financial meltdown. The disagreements have held up vital reforms and talks on an IMF bailout.