US economy slows to 1.6% in Q1 of '24 – BEA    EMX appoints Al-Jarawi as deputy chairman    Mexico's inflation exceeds expectations in 1st half of April    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



'We are hungry': Lebanese protest worsening economic crisis
Published in Ahram Online on 17 - 03 - 2021

Outraged protesters returned to the streets of Lebanon's capital Tuesday, blocking roads with burning tires and garbage containers as the currency continued to plummet to all-time lows and the country's financial crisis intensified.
The protests resumed _ although in smaller numbers _ following several days of relative calm as the Lebanese pound continued its slide, plunging to a new low of 15,000 to the US dollar on the black market.
``Where are the people? Come down, we are hungry, we are fed up!'' yelled Ahmad Shuman, a protester frustrated at the small number of people taking part in demonstrations.
In another Beirut neighborhood, small groups of young men, some driving scooters, pelted shop windows with stones and asked them to close in an apparent attempt to broaden public outrage and force shutdowns.
In a panic, motorists queued outside gas stations fearing rising prices. Police went around to some gas stations in the south of Lebanon to ensure no one was hoarding fuel in anticipation of price hikes.
The currency has lost 90% of its value since October 2019, when anti-government protests erupted, including more than 25% in the past few weeks alone. Inflation and prices of basic goods have skyrocketed in the country, which imports more than 80% of its basic goods.
Senior politicians, meanwhile, have refused to work together to form a new government that would implement the reforms needed to extract the nation from the crisis.
The currency crash has pushed more than half the population into poverty. It has also depleted foreign reserves, raising concerns that Lebanon's central bank will not be able to finance subsidies of some basic commodities, including fuel in coming weeks.
Meanwhile, lawmakers approved $200 million in assistance from the central bank's shrinking foreign reserves to go to Lebanon's electricity company. The transfer is to cover fuel purchases for the next few weeks to prevent the country from plunging into darkness.
The crisis is posing the gravest threat to Lebanon's stability since the 1975-90 civil war. France's foreign minister warned last week that Lebanon is running out of time before total collapse, putting the blame squarely on the country's leaders whose refusal to come together to form a government has exacerbated the crisis.
US State Department deputy spokeswoman Jalina Porter, speaking to reporters in Washington on Monday, said the US is concerned about developments in Lebanon and the apparent inaction of the country's leadership in the face of multiple ongoing crises.
``Lebanon's political leaders need to put aside their partisan brinkmanship and form a government that will quickly implement critical and long-needed reforms, restore investor confidence, and rescue the country's economy,'' she said.
Lebanon's government resigned in August following a massive explosion at Beirut's port that killed 211 people, wounded more than 6,000 and damaged entire neighborhoods in the capital.
Disagreements between President Michel Aoun, who is an ally of the militant group Hezbollah, and Prime Minister-designate Saad Hariri, who is opposed to the group, have so far delayed the formation of a Cabinet. Hariri was chosen for the post in October.


Clic here to read the story from its source.