Based on sectarian power-sharing, the Lebanese political system had descended into chronic gridlock and inefficiency. Compounded by a lack of transparency and accountability, corruption plundered the nation's wealth.
The country's financial woes were exacerbated by the unsustainable practice of propping up the Lebanese pound through borrowing, leading to one of the world's worst economic collapses. This crisis has resulted in severe hardships for the population, including widespread unemployment, a dramatic rise in poverty, and a significant decrease in living standards.
The culmination of these issues sparked massive protests in 2019, with citizens demanding systemic reform. The explosion at the Port of Beirut in August 2020 further deepened the crisis, highlighting the extent of governmental negligence and mismanagement.
Grappling with soaring debt, a plummeting currency, and rapidly increasing inflation, Lebanon finds itself at a crossroads.
In Part 5 of Follow the Money, I travel to Beirut to understand Lebanon's economic crisis, political deadlock and the collapse of any effective government. Expecting desperation, I witnessed the Lebanese spirit and saw how the locals were rebuilding the country.