World Bank ready to support Lebanon

The World Bank said it stood ready to back a new Lebanese government, warning the country had no time to waste to tackle an emerging economic crisis worsening by the day.

The bank called for the rapid formation of a new cabinet and said it expected a recession in 2019 to be even more significant than an earlier projection of a 0.2% contraction in the economy.

A wave of massive protests across Lebanon against the ruling elite pushed Prime Minister Saad al-Hariri to resign last week, toppling his coalition cabinet. There has been no sign of progress toward agreeing a new government.

The turmoil comes as Lebanon grapples with the worst economic and financial strains since the 1975-90 civil war.

Via Reuters