Lebanese security forces dispersed hundreds of protesters, mainly retired soldiers, who attempted to breach the fence leading to the government headquarters in downtown Beirut on Wednesday. The retired soldiers and policemen were demanding better pay amid harsh economic conditions caused by years of mismanagement by the ruling class, which culminated in an economic meltdown in late 2019. Riot police and troops clashed with the protesters, with several people suffering breathing problems from tear gas.
The retired soldiers and depositors who have had limited access to their savings since local banks imposed informal capital controls during the crisis, called for the protest. The Lebanese pound hit a new low on Tuesday, selling for more than 143,000 pounds to the dollar before making some gains. The pound has lost over 95% of its value over the past three years, causing widespread inflation and poverty.
Lebanon is in the grips of the worst economic and financial crisis in its modern history, rooted in decades of corruption and mismanagement by the political class. The government has resisted the implementation of reforms demanded by the international community, and the stalled reforms agreed to with the International Monetary Fund have hindered access to a $3 billion bailout package and development aid to revive the economy.