UN: Food Prices in Lebanon Increased by 1,000%

The United Nations (UN) announced that Lebanon is currently witnessing one of the worst economic crises in the country’s history.

The United Nations World Food Program said, through its account on “Twitter”, that “food prices in Lebanon have increased by 1000%.

It  continued to say that basic foodstuffs are now out of reach for most families in the country."

The World Bank also described the crisis in Lebanon as the worst at the global level, in a century and a half. According to the World Bank, Lebanon's Central Bank’s foreign currency reserves are barely sufficient for the minimum mandatory reserve that allows legal coverage of depositors’ funds in private banks.

Yesterday, Lebanese Finance Minister Youssef El-Khalil signed a decree referring to the draft general budget law for the current year in its final form and sent it to the Council of Ministers in preparation for its referral to the House of Representatives.

The Lebanese Council of Ministers approved the draft state budget law for the current year, during a plenary session chaired by President Michel Aoun, in the presence of Prime Minister Najib Mikati, and the ministers on February 10.