(Credit: AC)
BEIRUT — Hani Bohsali, head of the food importers’ syndicate, said Tuesday that there is no risk of food shortages in Lebanon, but the rapid depreciation of the Lebanese lira against the US dollar could affect individuals’ and households’ food security.
Here's what we know:
• Bohsali’s warning was made after the Lebanese lira fell to a record low Tuesday, trading below LL34,000 to the US dollar on the parallel market.
• In a press release, Bohsali said that since his last warning two months ago, no improvement has been observed in food security in Lebanon, adding that the situation has deteriorated, in particular as a result of the war on Ukraine.
• Russian invasion of Ukraine in February jeopardized Lebanon’s wheat supply, since around 67 to 95.1 percent of the country’s wheat imports come from the Black Sea region, according to a 2019 study by British international development company Crown Agents.
• “If the situation continues to deteriorate, especially with [Lebanese lira] exchange rate, it will no longer be possible for a large number of the Lebanese to meet their food needs,” Bohsali said, adding that there are no issues with food supply, but rather with people’s ability to buy food. He then called on officials to find “radical” solutions to the crisis “before it is too late.”