World Bank grants Lebanese regime $150 million food security loan

Source: ABC News

“The World Bank approved a $150 million soft loan for food security in crisis-hit Lebanon to stabilize bread prices during the coming months, the economy minister said Monday. Amin Salam told reporters that the loan has a very low interest rate but the minister did not make the rate public. He used the term soft loan indicating a below-market rate of interest. The loan will provide great relief through stability of bread prices in Lebanon during the country’s historic economic meltdown. There have been concerns that the government might lift wheat subsidies as foreign currency reserves drop to critical levels at the central bank.” (05/09/22)