Roadblocks, sit-ins, and demonstrations are taking place in various areas in the northern part of Lebanon and of its main city, Tripoli. The cause for this unrest is to be found in the continuous deterioration of socio-economic conditions due to the country's worst financial crisis ever.

Protesters blocked circulation in Beddawi, in the north of Beirut, and in the remote north-eastern area of Wadi Khaled, near the Syrian border. Already last Friday, Tripoli had been overrun with protests.

Today, and for the next two days, banks will remain closed.

Last week, seven different banks were assaulted by depositors who, like most people in the country, have not had access to their own foreign currency accounts due to the financial default. The Association of the Banks in Lebanon (ABL) confirmed the closure of all bank branches across the country as necessary to deal with the additional security measures. The land of the cedars is also experiencing an Uber taxi strike: due to the continuous increase in gasoline prices, taxi drivers are asking for their rates to be raised.

It is in this context that the International Monetary Fund (IMF) delegation arrived in Beirut today, as the outgoing government of Najib Mikati, caretaker Prime Minister, is struggling to implement the legislative agenda to comply with IMF requirements necessary to unlock the desperately needed international support. A preliminary agreement was reached in the last months between the IMF and the government. However, for it to be implemented and for the IMF to begin pumping in economic relief, the current Lebanese political class, considered responsible for the crisis, has been called to modify the structure of its banking and administrative infrastructure.

The Lebanese pound has lost over 95% of its value in less than three years. In 2019 one dollar, at a fixed exchange, was worth 1,500 Lebanese pounds, today one dollar is worth nearly 40 thousand Lebanese pounds. Petrol importers pay in dollars, while they sell it to consumers in Lebanese pounds.

According to the United Nations, over 80% of the people in Lebanon now live in poverty. Their local currency has lost nearly 95% of its value in less than three years.