Lebanon’s Financial Meltdown and the Prospects for Recovery

Author
Christophe Abi-Nassif, Haneen Sayed, Alain Bifani, Nasser Saidi
Content Type
Video
Institution
Middle East Institute (MEI)
Abstract
Lebanon’s financial and socio-economic crises have been unfolding for nearly 18 months. The Lebanese pound is hitting all-time lows against the US dollar. Food prices have soared more than 400% in just one year. In the meantime, foreign currency reserves at the central bank are dangerously depleting. Citizens have lost access to their life savings and more than half now live below the poverty line. The country’s entire financial system is in dire need of restructuring. Amid the worsening financial collapse and growing civil anger, unrest and poverty, an end to the meltdown is yet to be seen. Where does Lebanon stand today, a year after the first sovereign debt default in its history? How did we even get here? What are immediate monetary and fiscal policy priorities to course-correct? What social policies and programs are needed in the immediate term? What can still be saved? Four Lebanese experts with frontline experience will tackle these issues and shed more light on Lebanon’s uncertain financial, economic, and social future as part of the Middle East Institute’s (MEI) Lebanon program’s events series.
Topic
Debt, Finance, Economy, Crisis Management
Political Geography
Middle East, Lebanon
External Resources