By Laila Bassam

BEIRUT (Reuters), – Monday’s approval by the World Bank of a $150m loan was approved to support Lebanon in wheat imports, and maintain stable bread prices for nine months. The country’s economic minister spoke out to Reuters.

Amin Salam stated that approval of the program (known as the Lebanon Wheat Supply Emergency Response Project) would be required by both the parliament and cabinet.

An official from the World Bank didn’t immediately reply to my request for comment.

Lebanon heavily relies on food imports, and it pays in dollars for these purchases. This has become more difficult since 2019’s crash in its economy.

The World Food Programme reports that the Lebanese Pound has lost over 90% of its value since then and that food prices have increased more than 11 times.

The bread shortage has been exacerbated by the war in Ukraine, which supplies most of Lebanon’s wheat, and by Beirut’s inability to store wheat reserves since its largest silos were destroyed in the 2020 Beirut port explosion.