Lebanon's outgoing prime minister called on several Arab and world leaders on Friday to help his country secure credit lines for imports from friendly nations as the tiny Mediterranean country passes through its worst economic and financial crisis in decades.
According to a statement released by his office, Saad Hariri sent letters to the leaders of Saudi Arabia, Egypt, France, China, Russia, Italy and the United States as part of his efforts to ease the liquidity crisis and secure food stuff and raw materials.
Lebanon is experiencing its worst economic and financial crisis amid zero economic growth and massive debt. Local banks have imposed unprecedented capital controls and thousands of employees have been either laid off or had their salaries slashed.
The crisis has worsened since Oct. 17, when nationwide protests against years of corruption and mismanagement erupted, leading to the resignation of Hariri's government two weeks later.
Lebanon imports most of its basic needs, including wheat, petrol and medicine, leading to a huge trade deficit. Importers have been facing difficulties in getting U.S. dollars to cover imports as the local currency, which has been pegged to the dollar since 1997, lost 40% of its value on the black market.