Lebanon is scaling back food subsidies and will gradually raise gasoline prices to save dwindling foreign reserves, the caretaker finance minister said. The central bank has $16bn left in foreign reserves, of which only $1bn to $1.5bn can be used to fund subsidies, enough for two to three months, Ghazi Wazni said in an interview. Reserves have halved from about $30bn a year ago. “Lebanon can no longer continue with the same pace of subsidies,” Wazni said, without giving a time frame for the changes. “It costs $500mn a month, $6bn a year. That’s why the government made the decision to rationalise subsidies and reduce them on some items.” Wazni’s comments come amid furious protests sparked by
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