By Zeina Karam Associated Press BEIRUT — With Beirut’s airport partially reopening from a three-month virus shutdown, the government is hoping thousands of Lebanese expatriates will return for the summer – and bring dollars desperately needed to prop up the crashing economy. But Lebanon’s far-flung diaspora, renowned as entrepreneurs who for years sent their cash home, may no longer be willing to do that. Many are staying away, appalled at the ruling elite’s handling of Lebanon’s unprecedented economic and financial meltdown and outraged at local banks holding their dollar deposits hostage. Some have stopped sending money, except small amounts to sustain their families. Others are considering cutting ties completely with a corrupt country they say has robbed them of a future. “If you’re a Lebanese considering visiting this summer, you will think about bringing only what you need to spend while there, not a single penny more,” said Hasan Fadlallah, who has lived since 1997 in Dubai, where he founded a consultancy agency, Brand Lounge. “I doubt anyone is thinking about investing in the economy, especially when you know the recipient is not worthy of this help,” he said.

Once a beacon of free market growth and fine living, Lebanon is suffering the worst economic crisis in its modern history. The local currency has lost around 80% of its value against the dollar on the black market since October and continues to tumble daily. Banks have clamped down on withdrawals and transfers of U.S. dollars. Food prices have soared, businesses and households have been thrown into disarray, salaries and savings are fast disappearing, and unemployment has surged. The crisis stems from decades of systematic corruption and mismanagement. Public frustration exploded into street protests in October demanding the entire leadership go. Now, a slide into violence is feared amid mounting poverty and sectarian tensions. Still, political leaders appear unwilling to act, instead squabbling and trading blame. Talks with the International Monetary Fund over a bailout have faltered over the inability to implement pledges to combat corruption and instill reforms.

by thenational.ae — An evening dress for milk formula, children’s clothes for cooking oil – as they watch prices soar in crisis-hit Lebanon, parents are taking to bartering online to survive. Tens of thousands of people across the social spectrum have lost their job or part of their income due to Lebanon’s worst economic crisis in decades. As the Lebanese pound has plunged to historic lows, many have reverted to non-cash transactions to get hold of vital goods now prohibitively expensive in the supermarket. On Facebook, a group called “Lebanon barters” has attracted 12,000 users in just two weeks. Among them, Zeinab, 25, is looking to swap a black evening dress for milk formula and two packets of nappies for her 11-month-old baby boy. “I’ve never asked for anything from anyone, so I thought bartering would be better,” she told Agence France Presse. “I’d feel more comfortable if I swapped something I didn’t need for what I really do.”

Until very recently, her family lived a “good” life, said the make-up artist from the northern city of Tripoli. But then the financial crisis hit, turning their lives upside-down. Her husband’s employer closed shop and the novel coronavirus pandemic prevented her from seeing clients. As the economy nose-dived, diapers suddenly cost nearly three times as much, and the price tag on milk formula almost doubled. “We’re now spending the small amount we managed to save, but I don’t know what we’ll do when it runs out,” Zeinab said.