Share on facebook
Share on twitter
Share on linkedin
Share on telegram
Share on whatsapp

Ukraine War Pushes Lebanon Deeper Into Crisis as Global Wheat and Fuel Prices Soar

As wheat and oil prices surge across the region following Russia’s invasion of Ukraine, Lebanon has been witnessing scenes echoing the height of last summer’s crippling fuel crisis, when shortages hit supermarkets, grocery stores and bakeries, while cars stood for hours on end in long queues in front of gas stations.

Back then, a World Bank report had noted that Lebanon’s economic collapse is likely to rank among the world’s worst financial crises since the mid-19th century. The Lebanese currency had already lost more than 85% of its value against the dollar, and more than three-quarters of the population was already living in multidimensional poverty.

But as a country heavily reliant on imports for its basic needs, including food, experts believe that Lebanon’s crisis will only get worse with Russia’s war on Ukraine, the consequences of which are already being deeply felt across the Middle East and North Africa.

Russia and Ukraine account for more than a quarter of the world’s annual wheat sales.

“Lebanon is already going through a harsh crisis with an economic recession. The Lebanese population have lost jobs, savings, and the purchasing power of their income due to high inflation, the sharp devaluation of the currency, and the banking system crisis,” Patrick Mardini, economist and head of the Lebanese Institute for Market Studies, told Middle East Eye.

“Now with the additional problem related to higher global prices of wheat and oil, everything will become expensive in the country, with higher consumer price and inflation.”

    Fake 9/11: Eye opening videos

    General Wesley 9/11 ‘General Wesley Clark discusses the “Project For The New American Century”, which was written one year before 9/11. It mentioned needing a

    Who is pumping Ukraine with weapons

    Top donors of military support (over 30 billion euros in total): USA with €23.96bnBritain 2.38 billion eurosPoland 1.7 billion eurosGermany 1.39bn euros US: M777 howitzers

    Ukraine admits major defeat

    Zelensky’s adviser admits loss of Liman, major Ukrainian stronghold in Donbass Russian troops have taken over the town of Liman in the northern Donetsk region,

    Today’s Must-Reads – 25 May 2022

    Covid Nature – Multisystem involvement is common in post-COVID-19 syndrome. PubMed – Atomic force microscopy analysis of native infectious and inactivated SARS-CoV-2 virions. Independent – Fears of long-Covid

    Russia Moves to Withdraw From WHO, WTO

    Proposals for ending membership in the international organizations have been sent to the parliament RT – Russia’s lower house of parliament, the State Duma, is

    Biden seeks $33B for Ukraine

    Russia’s President Vladimir Putin has warned the West of a “lightning fast” response to any country that intervenes in its war against Ukraine war and

    Poland seizes Russian gas assets

    Energy producer Novatek has been ordered to hand over its transmission infrastructure to the country’s state-owned firms RT – Warsaw has obliged the Polish subsidiary

    Top 10 Stories of April 23, 2022

    Zelensky Says He’ll Meet the U.S. Secretary of State and Pentagon Chief in Kyiv Tomorrow — They will be the highest-ranking U.S. officials to visit

    Top 10 Stories of April 21, 2022

    Putin Says Mariupol is “Liberated,” Calls Off Assault on Steel Plant — Instead of the assault, Putin ordered the steel plant to be put under

    Would love your thoughts, please comment.x

    Get in Touch!

    Purpose of your Contact
    Where can i reach you?
    What would you like to discuss?

    Are you intending to visit the Lorphic marketing agency?