On Friday, a regional director of the World Bank urged Lebanon to create a new cabinet "within one week" to prevent further deterioration and loss of confidence in the economy.
Saroj Kumar Jha has observed increased risk to Lebanon's economic and financial stability in recent weeks at The Associated Press.
"We are very concerned that this will affect Lebanese poor people, the middle class and businesses," he said.
"It is very important that there is a political solution to the ongoing crisis. [that] We have a credible government in our office, and we can start ambitious and bold reforms for economic stability, economic growth, job creation, and confidence recovery. ”
Since Lebanon's bank opened for the first time in two weeks on Friday last week, people have flocked to banking institutions and are concerned that the country's crisis will intensify in the face of lack of liquidity.
Since then, banks have implemented irregular capital controls to protect their deposits and prevent their banks from running.
Also on Friday, schools and college students in Lebanon continued a three-day protest that called for a change in the state's governance system.
They protested with a revolutionary song carrying the Lebanese flag in front of the Ministry of Education and other public institutions.
Lebanon has been captivated by massive interdisciplinary protests since October 17 calling for a complete reorganization of the political system that claims to be corrupt and inappropriate.
The demonstrators broke down the current regime and demanded Lebanese officials be held accountable for mismanagement and corruption.
A teenage student named Beirut in Camar was one of thousands of students who slogans slogans outside the Ministry of Education on Friday.
"So what if we lose a school year compared to our entire future?" She said. "I don't want to study in Lebanon and have to travel abroad."
Around her, the students waved the Lebanese flag. Others hit yellow, green, blue and purple flares in the sky.
"We missed a class to kick your ass," I read a poster in English.
Another poster praising Arabic said, "I will not study or teach until the president falls."
College student Micha Balouneh said: "We can reclaim our rights to reclaim our rights, stop those who steal from us, and fulfill our lost dreams."
Ruthless youth-led protest
Protesters gathered outside the state-run electric company to prevent employees and customers from entering the company building.
As we approached parking, youth-led protests without leaders have targeted certain public agencies in squares and obstacles.
Protesters are demanding the creation of a technology government to work immediately to resolve the economic crisis in Lebanon.
Lebanon, one of the world's most heavily owed countries, was already experiencing a serious financial crisis before the protests began.
Corruption
In early Friday, dozens of activists and veteran officers briefly closed the entrance to Beirut harbor.
Among them, 43-year-old music producer Zeid Hamdan condemned what he saw as a system of customs collection full of corruption.
"As a musician, we pay 40% of the tariff every time we bring a musical instrument into the country," he said.
"It's been in the harbor for a few weeks. Everyone needs a connection to bribe to get it out," he said.
Recession
Lebanon's cabinet was suspended last week, but no formal consultations were under way to establish a new government.
Outgoing high-end Saad Hariri remains a caretaker.
The World Bank urged Lebanon to quickly form a new government, warning about the threat of further economic slowdown in poor countries with one-third of the population.
Source Link : https://www.trtworld.com/middle-east/world-bank-raises-alarm-on-lebanese-economy-amid-protests-31230?utm_source=other&utm_medium=rss