Ukraine, Egypt explore preferential trade deal: Zelenskyy    Egypt, Russia's Rosatom review grid readiness for El-Dabaa nuclear plant    Mastercard Unveils AI-Powered Card Fraud Prevention Service in EEMEA Region, Starting from Egypt    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    China's factory output expands in June '25    Egyptian pound climbs against dollar at Wednesday's close    New accords on trade, security strengthen Egypt-Oman Relations    Egypt launches public-private partnership to curb c-sections, improve maternal, child health    Gaza under Israeli siege as death toll mounts, famine looms    EMRA, Elsewedy sign partnership to explore, develop phosphate reserves in Sebaiya    Philip Morris Misr announces new price list effective 1 July    Egypt Post discusses enhanced cooperation with Ivorian counterpart    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt in diplomatic push for Gaza truce, Iran-Israel de-escalation    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt, Tunisia discuss boosting healthcare cooperation        Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.