Beirut: LebanonThe U.S. acting minister for social affairs on Thursday announced the launch of cash cards for more than 500,000 households, a planned move to curb a $6 billion subsidy program that has heavily depleted foreign reserves. Have given.
Lebanon’s financial crisis is described by world Bank As one of the deepest depressions in modern history.
NS United Nations economic and social commission West Asia (ESCWA) estimates that the crisis has pushed 78% of the population into poverty so far.
“It is true that an extraordinary item has been allocated in the budget for this, but we are also trying to get funding from World Bank loans targeting infrastructure and labor, and from the IMF special drawing rights, which known as SDR,” Minister Ramzi Maucherfih said.
The government last year launched a subsidy program to finance imports of basic goods such as wheat, fuel and medicine. Critics said it was bloated, poorly managed and useless, and is now being phased out.
Maucherfieh said the cash card, which would give each recipient family about $93 a month, was designed to reach those people and prevent waste,
Parliament The cash payment, approved in June, is estimated to cost approximately $556 million.
Lebanon’s financial crisis is described by world Bank As one of the deepest depressions in modern history.
NS United Nations economic and social commission West Asia (ESCWA) estimates that the crisis has pushed 78% of the population into poverty so far.
“It is true that an extraordinary item has been allocated in the budget for this, but we are also trying to get funding from World Bank loans targeting infrastructure and labor, and from the IMF special drawing rights, which known as SDR,” Minister Ramzi Maucherfih said.
The government last year launched a subsidy program to finance imports of basic goods such as wheat, fuel and medicine. Critics said it was bloated, poorly managed and useless, and is now being phased out.
Maucherfieh said the cash card, which would give each recipient family about $93 a month, was designed to reach those people and prevent waste,
Parliament The cash payment, approved in June, is estimated to cost approximately $556 million.
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