Left Menu
Development News Edition

Lebanese demonstrators decry deteriorating economic conditions

Reuters | Beirut | Updated: 29-09-2019 17:37 IST | Created: 29-09-2019 17:31 IST
Lebanese demonstrators decry deteriorating economic conditions
Image Credit: Wikimedia

Protesters blocked several main roads in the Lebanese capital, some setting tires and rubbish bins on fire, as several hundred people gathered in the heart of the city on Sunday to protest against corruption and deteriorating economic conditions. Demonstrators carrying signs and flags marched along the main road, chanting "Down with capitalism" and "Leave!" amid heightened security in the area, while others stood outside parliament.

Protesters gathered in at least three other areas in Lebanon, including the main highway which leads to the Syrian capital Damascus, the state news agency said. Lebanon, heavily indebted, faces financial strains linked to a slowdown in capital inflows needed for the funding of the government and the import-dependent economy. Years of low growth have also weighed on the economy.

Shrinking remittances of foreign currency in recent years from Lebanese abroad have also put pressure on the central bank's international reserves. Lebanon won pledges of $11 billion in investment-linked to long-delayed reforms aimed at putting public finances on a sustainable path at a conference in Paris last year.

The funds pledged at that conference by France and other donor states and institutions have yet to be released. "We went down to demand to live with dignity. We want to say to the MPs, the ministers, and all the ruling class that if they don't want to give back what they stole, they should at least stop stealing so the people can live," one protester told Reuters.

Financial strains have surfaced in the real economy recently, with gas stations staging a one-day strike earlier this month because they have been unable to secure their hard currency needs at the official exchange rate. Millers have also complained.

The central bank said on Tuesday that it would issue a directive to banks regulating the provision of foreign currency to import fuel, wheat, and medicine. The Lebanese pound has been pegged against the dollar at a level of 1,507.5 pounds for more than two decades.

Also Read: UPDATE 1-Hong Kong protesters plan shopping mall sit-ins after hill-top human chains


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

ANALYSIS-Biden's pick for U.N. envoy will find waning American influence

President-elect Joe Bidens pick to be his ambassador to the United Nations in New York will have to tackle Washingtons waning leadership at the world body in the face of a more assertive China, diplomats and analysts said on Monday. Biden n...

Many Americans defying COVID-19 travel warnings ahead of Thanksgiving holiday

Millions of Americans appeared to be shrugging off public health warnings and traveling ahead of this weeks Thanksgiving holiday, likely fueling an alarming surge in coronavirus infections before a series of promising new vaccines become wi...

Biden to choose ex-Fed chair Yellen as first woman Treasury secretary, allies say

U.S. President-elect Joe Biden is expected to tap former Federal Reserve Chair Janet Yellen as U.S. Treasury Secretary, putting a woman in the job for the first time, according to two Democratic allies. With Yellen, 74, Biden has chosen an ...

Trump campaign asks appeals court to halt Biden from being declared Pennsylvania winner

President Donald Trumps campaign on Monday asked a federal appeals court to revive a long-shot challenge to Pennsylvanias election results, saying officials should be halted from declaring President-elect Joe Biden as the states winner. The...

Give Feedback