Aoun, Belhaji Discuss World Bank Assistance for Lebanon
President Michel Aoun discussed with the World Bank Group Vice President for Middle East and North Africa Farid Belhaj the role of the Bank in providing Lebanon with assistance at the current critical phase, the National News Agency reported on Monday.
In its report early in June, the World Bank said Lebanon's economic collapse is likely to rank among the world's worst financial crises since the mid-19th century.
The report predicts that Lebanon's economy will shrink by close to 10 percent in 2021 and stresses there is "no clear turning point in the horizon".
Lebanon is wrangling with an unprecedented economic and financial crisis since 2019.
Lebanon defaulted on its debt last year, the currency lost around 85 percent of its value and poverty is devastating a country once seen as a beacon of prosperity in the region.
Source: Naharnet
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