Economy

Lebanon's Crisis Threatens One of Its Few Unifiers, the Army

Since the civil war, through wars with Israel, militant bombings and domestic turmoil, Lebanese have considered their military as an anchor for stability, one of the only institutions standing above the country’s divisions. But the military is now threatened by Lebanon’s devastating financial collapse, which the World Bank has said is likely to rank as one of the worst the world has seen in the past 150 years.

IMF Says Not Clear How Withdrawals from Foreign Currency Deposits Will Be Financed in Lebanon

The International Monetary Fund on Thursday said that it does not see the need for Lebanon to implement the Capital Control Law now without subsidy or appropriate fiscal and other exchange rate policies. According to Reuters, IMF stressed that it is not clear how the planned withdrawal of deposits will be financed given the sharp decline in foreign currencies in Lebanon in recent years.

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