Lebanon: How Will Vote Impact Crisis-hit Economy?

Lebanon: How Will Vote Impact Crisis-hit Economy?

The Lebanese parliament voted in on Sunday will have to tackle overdue reforms required for international assistance the cash-strapped country desperately needs.

After Lebanon struck a conditional deal with the International Monetary Fund for a $3 billion aid package, AFP looks at the challenges that await incoming lawmakers in a country where there is little consensus on a roadmap for financial recovery.

- How bad is the crisis? -

Since 2019, Lebanon has suffered an unprecedented economic decline caused by decades of mismanagement and corruption.

The World Bank last year said Lebanon was likely to rank among the world's worst financial crises since the mid-19th century.

The state's bankruptcy has hampered imports of basic items including food, medicine and fuel.

Starved of hydrocarbons, the country's power stations have scaled down their operations to a near minimum. Power cuts can last up to 23 hours a day, forcing residents to rely on expensive private generators to keep the lights on.

The Lebanese pound, pegged at 1,507 to the dollar since 1997, has lost more than 90 percent of its value on the black market.

More than 80 percent of people have fallen into poverty, according to the United Nations.

The monthly minimum wage, once worth $450, is now roughly equal