The Lebanese government declared bankruptcy.
The Lebanese Deputy Prime Minister said that the government and the central bank of this country have gone bankrupt and this fact cannot be hidden.
In a televised interview, Lebanese Deputy Prime Minister Saada al-Shami announced the official bankruptcy of the government and the central bank, and said that the losses should be shared between the government, the banks, the central bank and the depositors.
“This fact cannot be concealed and we can not live in conditions of denial and allow depositors to withdraw from banks,” he told Lebanon’s Al-Jadeed network. “I hoped that would happen, but we are not in a normal situation.”
The Lebanese Deputy Prime Minister also announced a request for advice from the International Monetary Fund to solve the government’s financial problems, adding: “The Ministry of Finance will make a plan to pay the arrears, but this will not happen tomorrow and if there is comprehensive political will, we will have enough time. “It will be easier to do that.”
“The government and the central bank have gone bankrupt, the losses are divided between the government, the banks and the central bank and the people,” Saada al-Shami said. “Damages have been caused and we are seeking to reduce the effects of these losses on the people.”
Following the announcement, many social media users expressed their disgust and complained about the economic situation in Lebanon and began to criticize the government. The explosion of the port of Beirut on August 4, 2020, as Lebanon’s economic bottleneck, brought the country’s poor financial situation to the brink of disaster.
Lebanon’s poor economic situation comes as the country faces parliamentary elections on May 15th, and various political groups and independents have long been preparing to enter the political campaign.
