Lebanon economic recovery plan trudges along despite improbability

BEIRUT, Aug 2 (KUNA) -- In the throes of a deep economic crisis, exacerbated by soaring public debt, even a semblance of prosperity in Beirut seems improbable at a time where more than 70 percent of the population lives below the poverty line.

Following is a report by Lebanon's National News Agency as part of FANA's economic affairs

By Amima Shams-El Deen
While a current boom in its tourism industry appears to be a respite, true economic recovery can only be achieved with international support, while many Lebanese cling on to a glimmer of hope despite the frustrating state of affairs.
In an attempt to set urgent economic reforms in motion, the Lebanese government has already made progress on an aid deal with the International Monetary Fund (IMF) worth up to USD four billion, however, the deal's completion largely hinges on national reforms.
The loss of more than 90 percent of Lebanon's currency value has "pushed a large chunk of the population" below the poverty line, economic and financial expert Dr. Bilal Allama told state media, underlining that national debt has soared to more than 175 percent of the GDP.
He pinpointed a devastating port blast in the capital Beirut back in August of 2020 as a turning point that plunged the nation into misery, saying the tragic event did not weaken the country's "resolve" to move ahead with financial and economic reforms.
While the situation may appear dire at times, the remittances sent home by Lebanese working abroad have helped resuscitate the national economy, he said, emphasizing that Lebanese continue to foresee the day where this ordeal is finally behind them. (end) as.nam.