Political crisis is costing Lebanon more than $70m a day

Political crisis is costing Lebanon more than $70m a day

Author: Wed, 2019-12-11 23:20

BEIRUT: Lebanon is losing more than $70 million a day as a result of the political and economic crisis, ministers say. There has also been an alarming decline in imports and the 2019 budget deficit will be much greater than expected, they added.

Meanwhile private-sector bosses gathered to demand action, and revealed the devastating effects of the crisis on their businesses, which has forced many to cut wages or fire staff as they struggle to survive.

The country has been in turmoil since October 18, when protests began against the ruling elite. On October 29, Prime Minister Saad Hariri and his government resigned, but replacements are yet to be named, leaving the economy and banking system are in chaos.

"Public-sector employees will get paid before December 25 and their salaries for the next months are guaranteed, but there is a dramatic decline in state imports,“ said caretaker Finance Minister Hassan Khalil. "The deficit will rise and 2020 budget figures will be reconsidered.“

Caretaker Economy Minister Mansour Bteish added: "The country is half-paralyzed. The total income per day is $150 million, which means the national economy is losing at least $70 to 80 million a day. The crisis has dramatically worsened and urgent