The world has once again turned its eyes to the terrible explosion in Lebanon two days ago. The situation of this country already going through bad times is going to get worse after this explosion. Lebanon has been experiencing civil war for the past 15 years. Now he will face an even worse situation due to this terrible explosion, it is believed to be fixed.
From 1975 to 1990, Lebanon was in the grip of civil war. Syrian forces remained here for more than two decades after the civil war ended and retained their dominance. After this, in 2005, Lebanese Prime Minister Rafiq Hariri was assassinated. After this, there was a big turn in the political and economic history of the country.
Towards the peak of economic crisis
On 21 January this year, a new government was formed in Lebanon. It is a single party government comprising Hezbollah and his allies and who are also in majority in Parliament. On April 30, the government admitted that for the first time in Lebanon’s history, it had failed to repay its international debt. Since then, plans were made to bring the economy back on track and economic reforms in the country.
The negotiations with the International Monetary Fund in mid-May are currently stalled and the necessary funds have not been arranged yet. The Lebanese Foreign Minister resigned on 3 August, expressing his opposition to the government’s way of dealing with the crisis. Lebanon has a debt of $ 92 billion, which is around 170 percent of its GDP. Half of the country’s population lives below the poverty line and about 35 percent people are unemployed.