Lebanon Calls For Financial Support To Secure Import Of Food, Raw Materials

BEIRUT, Lebanese care-take Prime Minister, Saad Hariri, appealed for international financial support, to help secure Lebanon’s import of food and raw materials.

Hariri’s office said, the appeal was made in his letters sent to the King of Saudi Arabia, presidents of France, Turkey, Russia, Egypt and China, as well as, Italy’s prime minister and U.S. secretary of state.

Lebanon suffer difficulties in importing basic products because of the shortage of U.S dollar in the market.

The economic slowdown and the drop in cash injections from Lebanese expatriates, reduced the central bank’s foreign currency reserves, leading to a shortage in dollar for both businesses and individuals.

The demand for dollar has created a parallel market in Lebanon, in which one dollar is being sold for more than 2,000 Lebanese pounds, much higher than the official exchange rate.

Source: NAM News Network