Iraq and Lebanon: oil for food
Shafaq News / A ministerial delegation arrived in Beirut, today, Thursday, an agreement to import agricultural and industrial products in exchange for oil.
A source in the Ministry of Industry and minerals told Shafaq News agency that, “Oil Minister Ihsan Abdul Jabbar and the minister of Industry and Minerals Manhal Aziz, met with Lebanese PM Hassan Diab, seeking to support the Lebanese government."
This exchange brings to mind the Security Council adopted resolution 986, establishing the "oil-for-food" program, started work in 1996, and provides Iraq with an opportunity to sell oil to finance the purchase of humanitarian goods
It’s noteworthy that, the Lebanese pound tumbled to new lows against the dollar where it has now lost around 80% of its value since October.
According to a recent United Nations report, by the end of April, more than half of the population was struggling to obtain basic products needed for food, as food prices increased by 56% since the end of October.