Nehme Announces Subsidies for Basic Food Products

Economy Minister Raoul Nehme on Thursday announced that specific basic food supplies will be subsidized by the Central Bank of Lebanon to help reduce the prices, amid an uncontrolled depreciation of the Lebanese pound.

“This food basket provides all the nutritional components, i.e. vegetable and animal protein, carbohydrates, etc.. the goal is not to choose cheap goods but all the nutritional components that the citizen needs,” said Nehme in remarks at a press conference.

"This subsidy is not an achievement; this is our least obligation towards battered citizens who are unable to provide amid these difficult times," he said.

"The Ministry of Economy saw an obligation to find a solution to mitigate people's tribulations," he added.

“In cooperation with the Central Bank and through the mechanism established by the Ministry of Economy and Trade, our move today will lead to a reduction in commodity prices and will maintain food security in these difficult circumstances,” he concluded.