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  • Protesters wave flags in front the Parliament, Beirut, Lebanon, May 7, 2020.

    Protesters wave flags in front the Parliament, Beirut, Lebanon, May 7, 2020. | Photo: EFE

Published 15 May 2020
Opinion

The country's current economic crisis has been fueled by a US$92-billion external debt.

Lebanon's Prime Minister Hassan Diab Friday announced that his government will investigate the devaluation of the Lebanese pound, which has brought the country's economy to its most critical point.

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"The people have the right to know the causes of the increase in the price of the dollar and who is behind the devaluation our national currency," Diab stressed.

Currently, the dollar is quoted at 4,000 Lebanese pounds in the parallel market, while the official exchange rate is 1,500 per unit.

"We will not interfere with any investigations, the Lebanese must know what is causing their salaries to fall short," Diab said.

The ​​​​​​​United Nations (UN), the European Union (EU), the Arab League, China, France, Germany, Italy, Russia, the U.K, and the U.S. are part of the International Support Group for Lebanon (ISGL), which has recently announced its support for the country to end its economic, monetary, and financial crisis.​​​​​​​

The Lebanese government has estimated that some US$10 billion is needed to reverse the economic crisis, which has been fueled by a US$92-billion external debt.

According to the people's wide-spread perception, however, politicians are to blame for the country's worst economic crisis since the 1975-1990 civil war.​​​​​​​

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