Lebanon will slash commodity subsidies amid dwindling foreign exchange reserves

An official source told Reuters that Lebanon has about $ 1.8 billion in foreign exchange reserves that can be made available to support basic food and other imports, but it may preserve their survival for about another six months by canceling subsidies for some commodities.

Lebanon, which is suffering under a heavy debt burden, is facing its most severe economic crisis since the civil war between 1975 and 1990, which affected the local currency and caused prices to rise, and many Lebanese fell into poverty and became more dependent on subsidized food.

Source: Reuters