Lebanon’s new government is expected to lift all subsidies by the end of this month. Over the last two years, Lebanon’s economy collapsed, and the state went bankrupt. Early August, the Governor of Lebanon’s Central Bank, Riad Salameh, said that the state could no longer afford subsidies as the country’s foreign reserves have severely depleted. The decision was opposed by the caretaker government. But, last week, as Lebanon’s political factions finally formed a new government, Prime Minister Najib Mikati endorsed the lifting of subsidies as an unpleasant but necessary step to lead the country towards economic recovery.
Lebanon to end subsidies and introduce cash cards | ORF (orfonline.org)
