Financial Crisis Caused Food Shortage Shuts Down Lebanese Groceries

Groceries in Lebanon have shut down temporarily as the Lebanese pound hit a new low of 15,000 to the dollar on Tuesday amidst continued protests. 

The currency has now slumped 90 percent below its exchange rate which prompted some food shops to close including online food deliveries as supplies run out.

Head of a supermarket owners association Nabil Fahed said “What we’re afraid of is that these eventually turn from temporary closures … that it becomes final because it is a dire situation, their capital is being eroded and they don’t have money to pay for goods,” Reuters reported. 

Basic commodities have since tripled in prices since the import-dependent economy’s collapse. 

On Wednesday Lebanese President Michel Aoun has demanded prime minister-designate Saad al-Hariri to speed up the creation of a new cabinet or leave the post, amid a political deadlock.

Meanwhile, the World Bank, EU and the UN have agreed to extend aid to the country, in a letter to the finance ministry after talks in February, reported Reuters. 

“We are confident you share the urgency of rolling out the agreed-upon disbursement mechanisms at the earliest, in order to ensure the consistency and continuity of aid amidst increasingly challenging socio-economic conditions,” read the letter.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.