After a delay of more than 5 months, the subsidy rationalization project has returned to the fore, accompanied by the discussion of the financing card, noting that this delay caused the loss of “dollars” from the Central Bank, and knocked on the door of compulsory reserves even though there are those talking about the start of disbursing funds Is it possible for this project to succeed?
The head of the caretaker government, Hassan Diab, talked about 750 thousand families that will receive the financing card, which will be a monthly sum of money for each family, ranging between one million and 3 million pounds, depending on the number of family members, provided that the annual cost of this card will reach one billion and 380 million dollars. . Here, informed sources indicate that these sums are not available, and Lebanon is still looking for a way to finance, from the inside and outside?
The sources add, “In appearance, the financing card project appears to be excellent, but in terms of the content, in addition to the difficulty of securing this money to finance it, the card will be in the hands of a political authority that distributes it according to its desires, so the card will turn into an indirect” electoral money “, especially as the parties suffer from scarcity. With money on the eve of the elections, “noting that the card will not reach the families who need them, due to the absence of a clear and transparent mechanism for distributing it to those who deserve it, and the absence of any real counting process in this regard.
And this is not all, as the card in any case has reached the families that deserve it, as it will not suffice them to secure their basic needs, as the sources reveal that the ideas about the idea of removing the subsidies are very frightening, as the issue is to reduce the subsidy for gasoline to the limits of 15 percent, and thus The gasoline plate, whose price today is 38,000 thousand pounds, will become about 113 thousand Lebanese pounds after the subsidy reduction, on the condition that oil prices do not rise globally, and it is likely that it will obtain the impact of settlements, and the dollar exchange rate does not rise on the black market because traders will seek to increase the demand for dollars The black market, can the employee access his work daily, if he needs two petrol plates per week, that is, what costs about 900 thousand pounds per month?
The idea of reducing drug subsidies in half is also being discussed, and the subsidy on food commodities is permanently lifted, which means that the medicine bill for each citizen will double, and the food bill will rise several times, and the sources indicate that the financing card may be able to buy food for the family, but who bears The cost of living, how does the family buy clothes and medicine, and how does it register its children in schools? Note that the lifting of subsidies will raise the prices of all goods and services, even those that were not subsidized, and of course all this in the absence of a proxy and a watchdog.
The sources considered through the “bulletin” that the rationalization of support and the idea of the card will raise the exchange rate of the dollar in the market. If it is true, what is said about the card will pump into the market more than one billion dollars annually, except that in a country like Lebanon these dollars will be transferred to the pockets of speculators and bankers and Banks and big dealers, and the citizen will pay the price again.
3 million and 200 thousand Lebanese pounds is the amount the family needs now to live at the minimum level in Lebanon, and 20 million is the amount it will need after the subsidy is lifted. Is the financing card sufficient?