News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
28
o
Bekaa
20
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
27
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Sawa
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
28
o
Bekaa
20
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
27
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Before and after: How did Lebanon's economic history shift with the outbreak of the civil war
News Bulletin Reports
2023-09-17 | 11:11
High views
Share
Share
3
min
Before and after: How did Lebanon's economic history shift with the outbreak of the civil war
Once considered an economic beacon in the Middle East, Lebanon had a different financial landscape before the devastating civil war.
Let us take a recent look back at the country's economic history, which reveals a stark contrast between its past prosperity and the challenges it faces today.
In 1972, Lebanon had a surprising financial connection to India. An agreement was signed for a loan issued by the Mashreq Bank in favor of the State Bank of India, totaling LBP 15 million, over five years (December 12, 1972).
Yes, in Lebanese lira!
At the time, many Lebanese officials viewed this as a step towards international engagement while using their national currency.
Furthermore, Lebanon owed debts to the World Bank, a global institution that offers loans and grants to countries worldwide. Lebanon, which is now seeking assistance from the World Bank in various areas to address its ongoing crises, was once among the countries providing aid.
In early 1973, Lebanese banks raised funds to offer a loan to the World Bank, totaling LBP 75 million. This move was considered to strengthen the Lebanese lira and increase its demand.
During those times, Lebanon's financial stability was evident as it extended its financial reach even to Canada.
In 1972, Canadian authorities expressed their willingness to borrow from Lebanon in Lebanese lira (October 28, 1972). This was the situation before 1975.
The Lebanese lira was once considered reliable and robust, and the country had financial discipline and did not need any loans.
However, everything changed after the outbreak of the civil war as political party leaders took control, leading to corruption, accumulating debt, and financial turmoil.
The country's economic situation deteriorated further, leading to the approval of budgets with significant deficits, a development that some considered an achievement.
In contrast, countries like Germany and Japan, which faced comprehensive destruction during World War II, managed to rebuild their economies into global powerhouses through visionary long-term planning.
Lebanon News
Lebanon Economy
News Bulletin Reports
Before
After
Lebanon
Economic
History
Shift
Outbreak
Civil
War
Next
Hezbollah drones, rocket strikes spark widespread panic: Sirens blare as Israeli towns enter maximum emergency
The Iranian Response: Awaiting Retaliation Amidst Escalating Tensions
Previous
Recommended For You
d-none hideMe
0
News Bulletin Reports
12:39
Brazil Blocks X Platform: Legal Dispute Sparks Fines and Access Restrictions
News Bulletin Reports
12:39
Brazil Blocks X Platform: Legal Dispute Sparks Fines and Access Restrictions
0
News Bulletin Reports
12:27
Severe Storms and Floods in Yemen, Saudi Arabia, and Sudan Highlight Urgency of Climate Action
News Bulletin Reports
12:27
Severe Storms and Floods in Yemen, Saudi Arabia, and Sudan Highlight Urgency of Climate Action
0
News Bulletin Reports
12:26
Humanitarian Pause in Gaza: Polio Vaccination Amid War and Health Threats
News Bulletin Reports
12:26
Humanitarian Pause in Gaza: Polio Vaccination Amid War and Health Threats
0
News Bulletin Reports
12:24
Algerian Fuel Grant to Lebanon: High Quality Confirmed Amid Speculations
News Bulletin Reports
12:24
Algerian Fuel Grant to Lebanon: High Quality Confirmed Amid Speculations
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
World News
2024-07-19
Biden begins to accept he may have to drop out of race: sources tell New York Times
World News
2024-07-19
Biden begins to accept he may have to drop out of race: sources tell New York Times
0
News Bulletin Reports
12:24
Algerian Fuel Grant to Lebanon: High Quality Confirmed Amid Speculations
News Bulletin Reports
12:24
Algerian Fuel Grant to Lebanon: High Quality Confirmed Amid Speculations
0
Lebanon News
2024-08-28
Israeli airstrike hits truck in Lebanon carrying military equipment, source tells Reuters
Lebanon News
2024-08-28
Israeli airstrike hits truck in Lebanon carrying military equipment, source tells Reuters
0
Variety and Tech
2024-06-22
Miss Lebanon 2024 pageant to air live in July on LBCI
Variety and Tech
2024-06-22
Miss Lebanon 2024 pageant to air live in July on LBCI
Videos
d-none hideMe
0
News Bulletin Reports
2024-08-26
LBCI Exclusive: Canada's Ambassador to Lebanon supports UNIFIL mandate renewal, aims to strengthen LAF capabilities
News Bulletin Reports
2024-08-26
LBCI Exclusive: Canada's Ambassador to Lebanon supports UNIFIL mandate renewal, aims to strengthen LAF capabilities
0
Lebanon News
2024-08-25
Hezbollah reveals footage of strikes in second phase of 'Day of Arbaeen' operation
Lebanon News
2024-08-25
Hezbollah reveals footage of strikes in second phase of 'Day of Arbaeen' operation
0
Lebanon News
2024-08-25
Hezbollah publishes new video revealing Israeli sites targeted in retaliation for assassinating its commander Fouad Shokor
Lebanon News
2024-08-25
Hezbollah publishes new video revealing Israeli sites targeted in retaliation for assassinating its commander Fouad Shokor
0
Lebanon News
2024-08-19
Israeli strike targets car in southern Lebanon, leaving one dead and several injured (video)
Lebanon News
2024-08-19
Israeli strike targets car in southern Lebanon, leaving one dead and several injured (video)
0
News Bulletin Reports
2024-08-13
Lebanon's authorities uncover five bodies in Kfarshima house: Here are the details
News Bulletin Reports
2024-08-13
Lebanon's authorities uncover five bodies in Kfarshima house: Here are the details
0
Lebanon News
2024-08-11
Lebanese Army finds main body of missile from Israeli Strike in Miryata forests
Lebanon News
2024-08-11
Lebanese Army finds main body of missile from Israeli Strike in Miryata forests
0
Lebanon News
2024-07-31
Mohammed Khair: Nine buildings damaged in Israeli attack; demolition planned for severely affected ones
Lebanon News
2024-07-31
Mohammed Khair: Nine buildings damaged in Israeli attack; demolition planned for severely affected ones
0
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
0
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
03:23
FPM leader Bassil tells Hezbollah: We support you in defending Lebanon, not in starting wars
Lebanon News
03:23
FPM leader Bassil tells Hezbollah: We support you in defending Lebanon, not in starting wars
2
Lebanon News
04:29
Israeli artillery shelling in Yohmor Al Shaqif, South Lebanon, causes fires near homes
Lebanon News
04:29
Israeli artillery shelling in Yohmor Al Shaqif, South Lebanon, causes fires near homes
3
Lebanon News
05:59
Major fire breaks out on outskirts of Naqoura, South Lebanon, due to Israeli drone
Lebanon News
05:59
Major fire breaks out on outskirts of Naqoura, South Lebanon, due to Israeli drone
4
Lebanon News
05:46
Firefighters persist in containing Yohmor Al Shaqif fire in South Lebanon following Israeli artillery shelling
Lebanon News
05:46
Firefighters persist in containing Yohmor Al Shaqif fire in South Lebanon following Israeli artillery shelling
5
Lebanon News
08:57
Speaker of Parliament Berri: Call for presidential election remains open, dialogue and successive sessions expected
Lebanon News
08:57
Speaker of Parliament Berri: Call for presidential election remains open, dialogue and successive sessions expected
6
Israel-Gaza War Updates
03:31
Axios: Gallant says Israel must choose between Philadelphi corridor and hostages
Israel-Gaza War Updates
03:31
Axios: Gallant says Israel must choose between Philadelphi corridor and hostages
7
Middle East News
03:02
CENTCOM says raid kills 15 ISIS members in Iraq
Middle East News
03:02
CENTCOM says raid kills 15 ISIS members in Iraq
8
Lebanon News
03:42
Israeli airstrikes target forests and outskirts in South Lebanon
Lebanon News
03:42
Israeli airstrikes target forests and outskirts in South Lebanon
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More