Saudi Arabia reiterates support to cash-strapped Lebanon

BEIRUT, Lebanon

Saudi Arabia on Wednesday vowed support to cash-strapped Lebanon amid a crippling economic crisis in the country.

Saudi Ambassador Walid Bukhari met with Lebanese President Michel Aoun at the presidential palace in Beirut.

Aoun was briefed by the Saudi envoy on the working mechanism of the Saudi-French joint fund “dedicated to humanitarian support, stabilization and development in Lebanon,” the Lebanese Presidency said in a statement.

According to the statement, the Saudi diplomat underlined the need to develop the Saudi-Lebanese relations in all fields.

On Dec. 4, 2021, French President Emmanuel Macron announced a fund dedicated to humanitarian support, stabilization and development in Lebanon.

Lebanon has been grappling with a severe economic crisis since late 2019, including a massive currency depreciation as well as fuel and medical shortages.

The Lebanese currency has lost 90% of its value, eroding people’s ability to access basic goods, including food, water, healthcare, and education, while widespread power outages are common due to fuel shortages.

*Writing by Bassel Barakat