News / Economic Divide

Lebanon crisis

Thursday, 28 November 2019 1:06 AM [ Last Update: Thursday, 28 November 2019 3:21 AM ]

This edition of the program is about the multi-pronged crisis in Lebanon. A sharp economic downturn engulfed the country due to corruption and public distrust of the system. This has subsequently wound up in a political turmoil with people calling for the system to step down, not just the government.

The program will take a brief look at the reasons behind 30 years of economic and political mishandling in Lebanon. Prime Minister, Saad al-Hariri, announced his resignation. It came after weeks of protests which were initiated by his own emergency economic reforms.

Hariris goal in introducing the reform was to appease the international lenders. He tried to convince them to releasean eleven-billion-dollar loan theyd promised in the Conference for Economic Development and Reform through Enterprise in Paris last April. The donors conference was attended by countries such as France, Germany and Saudi Arabia as well as international institutes like the World Bank and European Bank for Reconstruction and Development. But, they had an strict condition: The loan would be released only when Lebanon adopts fundamental economic reforms. Theywere mainly privatization of government assets and austerity measures.

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Lebanon