The World Bank has indicated its willingness to provide assistance to Lebanon to cope with the repercussions of Beirut port explosion that has killed tens and injured thousands of people, as well as the severe damage it has caused.
The bank revealed its willingness to conduct a rapid assessment of the damages and needs to develop the reconstruction plan in accordance with international standards. The bank is also ready to provide expertise from all over the world to manage recovery and post-disaster recovery. Affirming its decades-long partnership with Lebanon and commitment to stand by the Lebanese people who have suffered from many economic and social challenges and who have continuously demonstrated strength and flexibility in overcoming difficult times.
In parallel, the Kuwait Center for Strategic Studies revealed that Lebanon needs about 16 billion dollars to reconstruct the total and partial destruction of vital and residential facilities left by the Beirut explosion, and the restoration of marine navigation, in addition to other losses.
According to the center, foreign financial aid, especially from the Gulf states, is the only straw that Lebanon relates to and relies on to withdraw it to safety and save it from bankruptcy, not the economic deterioration it is already suffering from.
Lebanon is experiencing its worst economic crisis in decades, characterized by an unprecedented decline in the value of its currency, which has plunged half of the people into poverty. The economic meltdown, which led to massive layoffs and massive increases in the prices of essential goods and services led to historic hikes in inflation.
Since the fall of 2019, Lebanon has witnessed an unprecedented popular uprising against the political class, which is seen as corrupt and incapable of putting an end to the severe economic crisis the country is experiencing.
Source (New Arab newspaper, Edited)
