Lebanon to receive $150 million loan for food from World Bank

Lebanon has received a final approval from the World Bank over an emergency $150 million loan for importing wheat, Economy Minister Amin Salam announced Monday.

"Lebanon is the first country to receive such a loan," Salam said, adding that the agreement will be sent to Cabinet for approval.

Salam said he hopes the agreement will be approved by the government before the elections to be later ratified by the new Parliament, following the may 15 parliamentary elections.

The loan will support Lebanon in securing wheat for bread and will also protect the bread prices. In crisis-hit Lebanon, diets are dominated by government-subsidized bread.

The Beirut port's explosion in 2020 had destroyed Lebanon's main grain silos and authorities have been scrambling to make up for a predicted wheat shortage, with Ukraine providing 60% of its supply.

Lebanese authorities are in talks with the U.S., India and Canada to find other sources for a country already in financial meltdown, as Ukrainian farmers have been forced to neglect their fields as millions flee, fight or try to stay alive.

Wheat prices have surged worldwide amid concerns about what could happen next.

Source: Naharnet.com

 

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