Just how bad is Lebanon’s economic meltdown?

Poverty rates are sky-rocketing in the population of about 6.5 million, with around 80 percent of people classed as poor, the UN agency ESCWA says.

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Lebanese caretaker Prime Minister Najib Mikati was designated premier again on Thursday, facing the challenge of forming a new government as the country’s devastating financial crisis festers.

Mikati’s previous government reached a draft funding deal with the International Monetary Fund in April. A final agreement is conditional on the implementation of a list of long-delayed reforms.

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An IMF deal is widely seen as the only way for Lebanon to begin to plot a way out of financial and economic meltdown, its most destabilizing crisis since its 1975-90 civil war.

Just how bad is the situation?

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