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Lebanon’s parliament on Friday approved a $246 million loan from the World Bank that will provide direct cash assistance for more than 160,000 vulnerable families, at a time when 50 per cent of the country's population have been plunged into poverty.
The approval came as the local currency hit a new record low on the black market, trading 11,150 Lebanese pounds to the dollar. The new crash triggered immediate protests, mostly in the country's north.
On Friday, Parliament also passed another law on a $5.5 million World Bank loan for small and medium-sized enterprises in Lebanon, Xinhua news agency reported.
Lebanon has been suffering its worst economic and financial crisis amid a shortage in US dollars, the collapse of the Lebanese pound, as well as high unemployment and inflation rates.
As a result, the Central Bank of Lebanon also recently tightened regulations against the country's banks, which compelled some of them to close branches and lay off employees to stay afloat.The national currency has slipped to a new low of 10,000 Lebanese pounds per $1.
Pakistan and the World Bank on Tuesday signed three loan agreements worth $918 million to help support revenue mobilisation and higher education development in the country.
Exceptional loans should be made regardless of customer account limits, carry no interest and be repaid over five years.
According to the latest World Bank Lebanon Economic Monitor report that “Lebanon Sinking: To the Top 3” worries and affects masses in the world, the economic and financial crisis is likely to rank in the top 10, possibly top 3, most severe crisis episodes
Lake Worth Fire Chief Ryan Arthur said two pilots were taken to hospital after ejecting off the plane on Sunday.
“We are finalising arrangements with the UAE to include their nationals and residents in our plans to open up to the fully vaccinated from other countries from 4 October.”
The events reflect confidence in UAE's efforts and success to contain the global epidemic crisis after reaching a high social level that allowed it to start a safe return to life with stringent measures to ensure the safety of its residents and visitors.