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Lebanon Goes Bankrupt

Lebanon Goes Bankrupt

Lebanon’s Deputy Prime Minister Sadeh Al-Sami declared the country bankrupt. Mr. Al Sami said that the Lebanese state has gone bankrupt, meaning the central bank has also gone bankrupt. He added that the amount of loss would be shared between the state, central bank, and depositors. So, Lebanon Goes Bankrupt.

Lebanon has been in a terrible economic crisis since November 2019. These included extreme currency devaluation and fuel and medical shortages. Apart from this, about 90 percent of the Lebanese currency depreciated. As a result, ordinary people could not meet their basic needs such as food, water, health care, and education. 

In addition, power outages due to the energy crisis were extremely common in Lebanon. Since then, 75 percent of the country’s population has fallen into poverty. Some politicians and critics have blamed years of corruption and mismanagement for the situation. The Deputy Prime Minister said, “Noting that the current situation in the country cannot be ignored. We cannot live in any dilemma. The system of withdrawing money from banks will not be open to everyone because we are not in a normal situation.”

Since 2021, Lebanon has been negotiating with the International Monetary Fund to overcome the situation. But due to the country’s political differences, there was no progress in the talks.

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