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The Lebanese President refers a bill to approve the ration card to Parliament

Lebanese President Michel Aoun signed today a decree to refer the accelerated bill prepared by the caretaker government to the House of Representatives for approval, which aims to introduce the "ration card" and open an extraordinary additional credit to finance it.

The Lebanese government, headed by Prime Minister Hassan Diab, has prepared a draft law to approve the financing card (ration) to support the poorest and needy families, as compensation for the expected significant reduction in the subsidy policy pursued by the Lebanese state in the prices of basic and strategic commodities, which will result in price rises.

A wide debate has been raised recently about the sources of financing the ration card in light of the severe shortage in the reserves of the Central Bank of Lebanon in US dollars that can be used for this purpose, with the existence of estimates of financing the card talking about a minimum of one billion dollars to provide support to about 750 thousand families deserving of support to meet The great cost of living that hits Lebanon under the weight of the economic crises.

Lebanon is heading to reduce the support amounting to about $ 500 million per month within the coming period, in light of the diminishing monetary reserve of foreign currencies at the Central Bank of Lebanon, and the near depletion of funds allocated in US dollars to support basic and strategic commodity prices, as the central bank has nothing left but $ 16.88 billion represents mandatory reserves (the remainder of depositors' funds in the banking sector, accounting for 15% of their total deposits), which cannot be used to support commodity and product prices and imports.