Lebanon's central bank ends subsidies for fuel imports
ABC News
Lebanon’s central bank says it will provide a line of credit for fuel importers at market price, ending subsidies on the scarce resource
BEIRUT -- Lebanon’s central bank said Wednesday it will provide a line of credit for fuel importers at market price, ending subsidies on the scarce resource. The move is likely to send prices soaring in a country already in the throes of an economic crisis. The decision comes amid an unfolding energy crisis that has plunged the country into hours of darkness, threatened hospitals and businesses with shutdown and sparked deadly violence among consumers and motorists looking for fuel. The shortages are blamed on smuggling, hoarding and the cash-strapped government’s inability to secure deliveries of imported fuel. The crisis worsened when authorities began to reduce subsidies on fuel amid a deepening financial crisis unfolding since 2019. The Lebanese currency has plummeted and now sells at over 20,000 Lebanese pounds to the dollar on the black market while the official rate is fixed at 1,500 pounds for $1.More Related News