Lebanese brace for lifting of subsidies as conditions deteriorate
As Lebanon suffers from its worst economic crisis in decades, the Lebanese are growing concerned as the central bank warns that its reserves will soon be depleted, forcing it to lift subsidies off basic commodities.
BEIRUT — News of Lebanon's central bank, Banque du Liban (BDL), lifting subsidies on basic commodities, namely fuel, medicine and flour, by the end of 2020 is causing concern and fear for the majority of the Lebanese, especially the poor who account for 55% of the population in 2020, compared to 28% in 2019, according to estimates by the United Nations Economic and Social Commission for Western Asia (ESCWA) published Aug. 19.
Meanwhile, the percentage of those suffering from extreme poverty increased three-fold, from 8% to 23%; they will soon be unable to purchase most of these goods, according to the same ESCWA estimates.
