Lebanon receives food, medical support from Egypt

Source: Xinhua| 2019-12-13 00:54:56|Editor: Mu Xuequan
Video PlayerClose

BEIRUT, Dec. 12 (Xinhua) -- Lebanon received on Thursday food and medical support from Egypt amid a drop in such products in the market, NBN local TV channel reported.

Egypt's move comes after Lebanese caretaker Prime Minister Saad Hariri sent letters to a number of countries days ago, calling for financial support to secure the import of food and raw materials.

Hariri also urged for more funding from the International Finance Corporation, a member of the World Bank Group, to help Lebanon maintain its imports.

Lebanon has been suffering from difficulties in importing some of its basic products because of the shortage of U.S. dollars in the market.

The economic slowdown and the drop in cash injections from the Lebanese expatriates have reduced the central bank's foreign currency reserves, leading to a shortage in dollars for both businesses and individuals.

The demand for dollars has created a parallel market in Lebanon, in which one dollar is being sold for more than 2,000 Lebanese pounds, much higher than the official exchange rate.

Therefore, importers face challenges in paying for the imports with U.S. dollars.