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Caretaker economy minister says wheat subsidies will continue

Caretaker economy minister says wheat subsidies will continue

Grains of wheat pictured at a mill in Beirut on March 1, 2022. (Credit: Mohamed Azakir/Reuters)

BEIRUT — Caretaker Economy Minister Amin Salam said on Friday that the government has “decided to maintain the wheat subsidies," as Lebanon faces bread shortages due to its unprecedented economic crisis and supply shortages following the Russian invasion of Ukraine, from where it imports nearly 70 percent of its wheat needs.

Here’s what we know:

    • "Though credit lines opened by Banque Du Liban for subsidizing wheat are decreasing, credit lines will remain,” said Salam said in a press conference. “Socially, the country cannot support” a lifting of subsidies, he said.

    • "We have the funds and credits to guarantee the production of the bread, credits of more than $12 million are still open …. and other funds are expected,” Salam also said. The caretaker minister also indicated that he "will continue to find solutions to the delays by BDL" in approving the amounts necessary for wheat and flour imports.

    • Salam also said that "currently there is a state of emergency,” and that he has discussed the matter with trade unions in the sector.

   • Queues have increased in front of bakeries in the past weeks across Lebanon.

BEIRUT — Caretaker Economy Minister Amin Salam said on Friday that the government has “decided to maintain the wheat subsidies," as Lebanon faces bread shortages due to its unprecedented economic crisis and supply shortages following the Russian invasion of Ukraine, from where it imports nearly 70 percent of its wheat needs.Here’s what we know:    • "Though credit lines opened...