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  • People protesting against Central Bank's plan to lift subsidies on medicines, Lebanon, Oct., 14, 2020.

    People protesting against Central Bank's plan to lift subsidies on medicines, Lebanon, Oct., 14, 2020. | Photo: Twitter/ @XHNews

Published 14 October 2020
Opinion

Lebanon is going through its worst economic crisis amid a shortage in foreign currency reserves.

Hundreds of Lebanese on Wednesday held sit-ins to protest against the dire living conditions and the plan by the Central Bank to lift subsidies on medicines, wheat, fuel, and food.

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Protesters cut roads all over the country while calling for the formation of a cabinet capable of dealing with the dire situation in the country.

Head of the General Confederation of Lebanese Workers Bechara Asmar urged for the formation of a cabinet while holding all politicians accountable for their past malpractices.

Asmar also called upon all the Lebanese to stand by the confederation of Lebanese workers to recuperate people's rights.

Lebanon has been going through its worst economic and financial crisis amid a shortage in foreign currency reserves, prompting Lebanese banks to impose unofficial capital control on withdrawals in Lebanese pounds while the U.S. dollar is no longer available at banks.

Moreover, the outbreak of COVID-19 exacerbated the problems, leading several companies to go out of business while laying off thousands of employees.

According to the World Bank, the poverty rate in the country exceeds 55 percent, noting that citizens who are still employed have lost around 80 percent of their salaries' value.

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