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Ministry Of Economy To Lift Subsidies On Flour In Lebanon
The inevitable is fast approaching as Lebanon’s foreign currency reserves continue to dwindle with no economic rescue plan in place.
Earlier today, local media reported that the Ministry of Economy will be lifting subsidies on flour in the country, meaning flour will now be traded at the market price.
The Syndicate of Bakeries has clarified that subsidies will only be lifted on flour used to make pastries, brown bread, manakeesh, ka’ak, burger buns, and other baked goods. Flour used to make Lebanese bread will remain subsidized, keeping it at its current price.
We’re not sure if this was supposed to be relieving and we can only imagine how much a man’ouche will be priced at now.
This is only the beginning of the collapse as BDL Governor Riad Salame stated that they can only uphold subsidies for three more months, and will be forced to lift them afterwards. With no government and no reforms, the prices of basic commodities will peak and become unaffordable for many.
Scary times ahead indeed.
Post edit:
The Ministry of Economy has denied claims of lifting subsidies on flour, clarifying that the discussion had been on the table for a week and that a meeting will be held tomorrow to decide on the matter.
Earlier today, local media reported that the Ministry of Economy will be lifting subsidies on flour in the country, meaning flour will now be traded at the market price.
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— Annahar (@Annahar) December 7, 2020
The Syndicate of Bakeries has clarified that subsidies will only be lifted on flour used to make pastries, brown bread, manakeesh, ka’ak, burger buns, and other baked goods. Flour used to make Lebanese bread will remain subsidized, keeping it at its current price.
We’re not sure if this was supposed to be relieving and we can only imagine how much a man’ouche will be priced at now.
This is only the beginning of the collapse as BDL Governor Riad Salame stated that they can only uphold subsidies for three more months, and will be forced to lift them afterwards. With no government and no reforms, the prices of basic commodities will peak and become unaffordable for many.
Scary times ahead indeed.
Post edit:
The Ministry of Economy has denied claims of lifting subsidies on flour, clarifying that the discussion had been on the table for a week and that a meeting will be held tomorrow to decide on the matter.