Today's Edition
(REUTERS)
The World Bank said on Tuesday it had approved $200 million in new financing to assist Lebanon in meeting the basic needs of the poor and vulnerable as the country tries to recover from its 2019 economic collapse.
The crisis left most of the population below the poverty line, with the local pound battered and depositors locked out of their savings accounts at commercial banks.
The World Bank has ranked the collapse as one of the worst globally since the mid-19th century. It has already stepped in to help support a social safety net system, and on Tuesday announced the additional $200 million to support the initiative.
It will provide cash transfers to poor Lebanese households, and increase access to economic opportunities and social services, particularly for women, youth, and the vulnerable.
The financing is part of a bigger package that also includes $150 million earmarked for a digital acceleration project to improve access to government services and economic opportunities, and develop a secure digital environment for businesses.
