EXCLUSIVE ARTICLE🚨

How the Lebanese government fumbled a $246 World loan to fund the poorest families, leaving them waiting indefinitely for desperately needed support, as the economy is brought down to its knees.

@sewella and I report on what happened today.lorientlejour.com/article/126585… After agreeing with the WB, 2 Parliament joint committee sessions took place & changed the initial agreement. They:

-halved the 3rd party oversight budget, from $600,000 to $300,000

-cut the budget of the program that verifies the eligible families, from $2.5 million to $50000

“Life” in Lebanon is simply unbearable. Just went to the supermarket, with my car running on a quasi-empty tank, bought the cheapest essentials (without chicken and meat) and ended-up paying more than the minimum wage. Then you get home to find out that there is no electricity. And I still have it better than others as I can still afford the bare-minimum, till now.

Thread: IT’S STORYTIME 🚨

Exactly a year ago, it was time to rescue the country, the cabinet proposed its last financial recovery draft plan, which was prepared with Lazard, a leading financial advisory firm

But what they did not know, was the side they would be confronting The plan was the first official report revealing colossal losses worth LL241 trillion in the financial sector:
- LL177 trillion in BDL’s balance sheet
- LL64 trillion in commercial banks’ balance sheets

The solution was plain: clean up public finances and the financial sector