Lebanon Plans to Fight Covid-19 without Financial Assistance from IMF
Officials have confirmed more than 475 cases and approximately 12 deaths in Lebanon. Although Lebanon is in deep financial and political crisis, it has different plans to generate funds and cope with this serious problem than to acquire financial assistance from the IMF.
On-going cases of COVID-19 are increasing at a rapid rate on a global scale. The total number of cases has crossed 859,000, with more than 43,270 reported deaths. The spread has also ramped in Lebanon, and more than 475 cases approximately and 12 deaths have been officially confirmed. The government has announced a lockdown to control the widespread infectious disease and declared a state of medical emergency.
Lebanon had already banned flights from China, Italy, and Iran, and it has shut down its airport to restrict movement over coronavirus. The state has requested the citizens to stay at home unless they have critical reasons and has enforced a 7 pm curfew. Currently, Lebanon is dealing with several financial and non-financial issues to control the spread and impact of COVID-19.
The IMF has stated that it will fully support every country affected by coronavirus via Rapid Financial Instrument. The spokesperson of IMF Gerry Rice expressed condolences to the victim of the COVID-19 after its outbreak in China and shared his insights on how it will impact the Chinese and global economy. He further added that currently, they would only be providing ‘technical assistance’ to Lebanon and no financial aid.
Lebanon has a partnership with the IMF for its technical expertise, and this is all the country plans to take from it. Chief of Iranian Central Bank, Abdolnaser Hemmati, has already contacted the IMF for funding of $5 billion to help the country fight and protect its citizens from the deadly coronavirus.
Although Lebanon itself is in deep financial and political crisis, it has different plans to generate funds and cope with this serious problem. It has announced to use its funds to fight the COVID-19 pandemic and is currently working on arranging new finances to control the country’s economy. The United Way of Lebanon and other organizations have proven quite useful in generating funds at such a time of dire need.
It has launched a special fund to financially support the residents who are struggling with the coronavirus. It has requested everyone in and outside Lebanon to make donations to this cause on its online platform.
The funds collected will be circulated through community nonprofits channels. This way, monetary assistance will be provided to all needy families. There is a high number of requests for aid as people deal with closed businesses, banks, schools, and childcare centers, and have an urgent need for healthcare.
Officials have confirmed 12 corona deaths in the country, with 430 patients under treatment. This number is expected to rise unless strict precautions are taken. This virus is not just a threat to the health of the people; it’s a threat to the economy as well. While developed and rich countries won’t have much trouble recovering from this trauma, Lebanon will have to face a big economic challenge after they have dealt with the current one.