Most parts of Lebanon are receiving no more than two or three hours of electricity a day. An incoming flight at Beirut’s airport had to abort a landing this month because the lights on the runway went out. The traffic signals in the capital have stopped working, adding to the congestion on Beirut’s already chaotic streets. These are among the latest symptoms of an economic implosion that is accelerating at an alarming pace in Lebanon as its government, its banks and its citizens run out of foreign currency simultaneously.
The collapse is the result of decades of economic mismanagement, corruption and overspending. Hopes for a rescue are fading as the country’s ruling elites balk at the kind of reforms and outside scrutiny that would unlock international aid. Talks with the International Monetary Fund to secure a $10 billion loan have stalled.
Known as an oasis of prosperity and relative stability during the past decade of Middle East turmoil, Lebanon is descending into poverty, despair and potentially chaos. Economists are now predicting a Venezuela-style collapse, with acute shortages of essential products and services, runaway inflation and rising lawlessness — in a country at the heart of an already unstable region.
The Lebanese pound has lost over 60 percent of its value in just the past month, and 80 percent of its value since October. Prices are soaring and goods disappearing. Bread, a staple of the Lebanese diet, is in short supply because the government can’t fund imports of wheat. Essential medicines are disappearing from pharmacies. Hospitals are laying off staff because the government isn’t paying its portion, and canceling surgeries because they don’t have electricity or the fuel to operate generators.
Newly impoverished people are taking to Facebook to offer to trade household items for milk. Crime is on the rise. In one widely circulated video, a man wearing a
coronavirus mask and wielding a pistol holds up a drugstore and demands that the pharmacist hand over diapers.
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