Lebanon plans to cut subsidies as cash runs out, says finance chief ...Qatar

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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Last updated : 20 March 2021 clock 10:30 PM

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Lebanon plans to cut subsidies as cash runs out, says finance chief ...Qatar

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