The World Bank's board of directors on Tuesday approved 246 million dollars in emergency aid for Lebanon. This assistance will be provided in the form of cash transfers and access to social services in favour of approximately 786,000 people living in poverty.
The World Bank fund aims to develop the national system of social safety nets in Lebanon and to provide an effective strategy to the unprecedented crises the country is going through.
The financial institution claimed that the economic and financial crisis in Lebanon that started since the fall of 2019 led the country to a decline of 19.2% of its GDP in 2020. According to figures from the World Bank, 45% of the Lebanese population live below the poverty line and 22% below the extreme poverty line.
The economic and financial crises have been deeply affected by the political situation in the country, which has experienced significant instability since October 2019, and by the pandemic which has led the authorities to issue several lockdowns.
Earlier this week, the Lebanese authorities issued a full health lockdown and a curfew that will last eleven days.