BEIRUT, June 4 (Xinhua) -- Lebanon will create a fund to support Small and Medium Enterprises (SMEs) amid the current economic deterioration and the lay-off of more than 100,000 employees in the country, LBCI local TV channel reported on Thursday.
Ibrahim Kanaan, a member of the parliament and also head of the Finance and Budget Parliamentary Committee, said after a meeting of the committee that the ministries have approved such suggestion since the current situation is very dangerous.
The labor and economy ministries agreed to prepare statistics about the institutions that were heavily impacted by nationwide protests that started on Oct. 17, 2019, and COVID-19 outbreak.
The fund will be financed by international institutions and the Lebanese expats who are willing to help local businesses.
Lebanon has been going through a tough economic and financial situation amid severe shortage in U.S. currency which led to the bankruptcy of thousands of businesses and the lay-off of thousands of employees.