Editing Economy of Lebanon (section)

===== Corruption and political instability =====
After [[2020 Beirut explosion|a devastating explosion in Beirut]] on 4 August 2020 that killed at least 200 people, the government, headed by Prime Minister [[Hassan Diab]], announced that his government was stepping down. In his speech, Mr. Diab said that corruption cases were widespread in the country's political and administrative landscape; other calamities hiding in many minds and warehouses, and which pose a great threat, are protected by the class that controls the fate of the country.<ref name=":4" /><ref name=":3" />

According to reports, the financial troubles and political inaction had caused growing anger and frustration among people who began protesting in October last year. Protesters demanded an end to corruption and the resignation of political leaders including the then Prime Minister [[Saad Hariri|Saad al-Hariri]]. This year, the newly formed government under Diab faced the same accusations of corruption.<ref name=":5">{{Cite web|date=2020-08-05|title=A tragedy was already unfolding in Lebanon before the explosion|url=https://www.abc.net.au/news/2020-08-06/lebanon-in-economic-political-crisis-before-beirut-explosion/12525920|access-date=2020-09-19|website=www.abc.net.au|language=en-AU}}</ref> In November 2019, The central bank of Lebanon was accused of running a Ponzi scheme as it relied on fresh borrowing to service its debt. The bank denied the allegations stating that its action was in par with the 1963 Code of Money and Credit.<ref>{{Cite news|last=Arnold|first=Tom|date=2019-11-15|title=In Lebanon, a renowned central bank governor faces attack|language=en|work=Reuters|url=https://www.reuters.com/article/us-lebanon-protests-cenbank-idUSKBN1XP1FL|access-date=2020-09-19}}</ref> Amidst the failing banking system, banks resorted to putting informal curbs on dollar withdrawals and international transfers, stirring mass protests and police violence.<ref>{{Cite web|date=2020-01-16|title=Curbs on withdrawals by banks trigger protests in Lebanon|url=https://peoplesdispatch.org/2020/01/16/curbs-on-withdrawals-by-banks-trigger-protests-in-lebanon/|access-date=2020-09-19|website=Peoples Dispatch|language=en-US}}</ref> The pandemic brought the protests to a halt for some time but the port explosion in Beirut once again brought people to the streets, who, as reports state, have lost faith in the political elite.<ref name=":4" /> Some estimates state that half of Lebanon's population is living near or [[Poverty in Lebanon|below the poverty line]] and thousands of people have lost their jobs. There have been incessant power cuts and some residents have been calling the blackouts worse than those witnessed in the 1975–1990 civil war.<ref name=":5" />