In a televised interview that broadcasted earlier today, Lebanese Minister of Labor Lamia Yammine reported that 30% of registered companies have closed down in the country, and an additional 20% have reduced their employees’ salaries by half.
The Minister described the economic and financial crisis and the coronavirus outbreak as the main reasons why many institutions were forced to shut down and let their employees go, leaving many vulnerable families without a source of income during these difficult times.
Just last night, Coca-Cola announced that it will be permanently shutting down its operations in Lebanon
, citing “trying times, major financial losses, and the financial crisis that has no end in sight”. This came in a statement released by the chairman of the National Beverage Company – Aujan, which bottles and distributes Coca Cola in Lebanese territory.
And prior to that, Lebanon was hit with yet another blow when the iconic Bristol Hotel also announced that it will be closing down
its doors permanently.
The economic crisis and increasing unemployment rates in the country have certainly taken a toll on citizens. This pushed many protestors to take to the streets today to call for action
on a labor day that only served as a reminder of our harsh reality.