Triangle: IMF allocation only strengthens Lebanon's elites
As Lebanon scrambles for any morsel of financial salvation, the IMF has made international headlines by allocating $1.135 billion in Special Drawing Rights to the cash-strapped nation. Just one week earlier, Lebanon finally formed a government mainly made up of establishment figures and free from independent ministers, just in time to help BDL spend the SDR windfall.
Undoubtedly, the SDR allocation represents a serious amount of money for Lebanon these days. Yet the Lebanese state — corrupt, sectarian and deadlocked — is more likely to fritter away the SDR allocation, as it has done with many cash disbursements before. And, as ever, it is ordinary Lebanese who will pay the price.