Monday was the first time in more than three months that Lebanon’s government met to discuss the country’s budget as IMF talks are set to resume.
The efforts were aimed at halting Lebanon’s worst economic crisis ever.
In a country where poverty and hyperinflation are on the rise, the 2022 budget is expected to propose raising taxes and fees. It also projects a deficit of about 21 percent, as it expects to spend more than 49 trillion pounds while bringing in just over 39 trillion pounds.
Prominent economists believe that the deficit will be paid for by printing money, which would lead to the Lebanese pound losing more value in the coming months.
According to the World Bank, Lebanon is experiencing its worst economic crisis since the 1850s. Three-quarters of the population of six million people, including one million Syrian refugees, are now living in poverty because of the crisis.