| Dear friend of Lebanon,
The situation in Lebanon is in a total crisis politically, economically and security-wise. What started as a peaceful revolution back in October 2019 to protest against corruption, ended up in a total disaster after the Pandemic and the Port Explosion on August 4th, 2020. Following years of corruption by the ruling elite, 80% of the population now lives below the poverty line.
Basic necessities such as food, water, and electricity are in short supply. Medication is nowhere to be found in pharmacies because it is imported and as such, its cost has risen ten times due to the devaluation of the local currency. Additionally, local banks face a liquidity problem since late 2019, as most of their funds were invested with the Lebanese government which defaulted on its loans. As a result of the devaluation of the currency and the loss of the deposits, only limited withdrawals of local currency are allowed. Foreign currency is not available and is impossible to withdraw.
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