BEIRUT, Nov 3 (Reuters) – Restaurant owner Antoine Haddad has been in business for more than 35 years but says he is running out of hope as Lebanon grapples with one of the world’s worst financial crises. serious modern times.

The Lebanese pound has lost about 90% of its value over the past two years, plunging three-quarters of the population into poverty.

For Haddad, the difference between this crisis and other crises that Lebanon has known, including the civil war of 1975-1990, is that one has the impression that there is no end in view.

“Previously you had hoped that ‘tomorrow the war will end, we will do this and that and go back to where we were’, but this time there is no hope,” he said.

“They (those in power) promised us that we would have a lot of money in our hands, and we indeed have a lot to play with,” he said sarcastically, referring to the growing piles of banknotes needed. even for basic purchases after the change. fall.

Haddad, whose small restaurant has been in business since 1984, said he could only buy 10% of the olive oil he bought with the same money.

The government, facing elections in March as it tries to get a stimulus package from the IMF, has tripled the transportation allowance for employees to ease some of the pain, but most wages, including the minimum wage, have not been adjusted.

Pub owner Moussa Yaakoub is also baffled by the amount of money he needs to run his business.

“I have never had such a large amount of money in my hands,” he said, counting some 10 million pounds, worth $ 6,600 at the pre-crisis rate but now lower. at $ 500 at market rate.

That sum of money covered running a pub for months but now only pays a few bills, he said.

Grocery store owner Roni Bou Rached has changed the way he stores cash in his cash drawer now that small notes are used less and coins are almost non-existent.

“I’m hesitant about how much to take in my pocket when I go. Sometimes I take 1 million or 1.5 million… but I mean, they’re not worth anything,” he said.

A single restaurant bill could now represent sums greater than the income of some workers.

“God help those who have no income or who are not able to manage,” said Ali Jaber, a private sector employee.

Report by Issam Abdallah; Written by Yara Abi Nader; Editing by Alison Williams

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