Lebanon calls for financial support to secure import of food, raw materials
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E-mail Xinhua, December 6, 2019
BEIRUT, Dec. 6 (Xinhua) -- Lebanese caretake Prime Minister Saad Hariri on Friday appealed for international financial support to help secure Lebanon's import of food and raw materials.
A statement by Hariri's office said the appeal was made in his letters sent to the king of Saudi Arabia, presidents of France, Turkey, Russia, Egypt and China as well as Italy's prime minister and U.S. secretary of state.
Lebanon has started suffering difficulties in importing some of its basic products because of the shortage of U.S dollar in the market.
The economic slowdown and the drop in cash injections from the Lebanese expatriates have reduced the central bank's foreign currency reserves, leading to a shortage in dollar for both businesses and individuals.
The demand for dollar has created a parallel market in Lebanon, in which one dollar is being sold for more than 2,000 Lebanese pounds, much higher than the official exchange rate. Enditem
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