Economy Minister: Subsidy will include 300 commodities at LBP 3,900 rate

Minister of Economy and Trade, Raoul Nehme, explained after the end of the meeting with Prime Minister Hassan Diab at the Grand Serail on Tuesday that "the aim of supporting the expanded consumer basket is to secure the majority of essential goods for citizens at a low price, and thus increase their purchasing power."

"The meeting was held with the aim to subsidize goods. The goal is to cover 80 percent of what citizens consume in stores, next to subsidizing imported goods," he said.

Nehme pointed out that subsidy includes "300 basic commodities, including meat and derivatives, oil products, vegetables, seeds, nuts, milk, tea, coffee, poultry, etc., and the exchange rate will be set at LBP 3,900. The goods will be subsidized 100 percent, and we expect the prices to drop in consequence. We will monitor the prices and pursue traders or distributors in the event of tampering."