Beirut explosion, thousands of victims and material losses in billions

The Beirut explosion, which happened yesterday, is a humanitarian disaster with all the meaning of the disaster. Today, the Governor of Beirut, Marwan Abboud, said that the damages due to the Beirut explosion range between 3 and 5 billion dollars, according to the Lebanese Broadcasting Corporation International.

He added that 300 Lebanese became homeless after the explosion.

and increase this losses From the suffering of Lebanon, which needs up to $93 billion to save its economy, according to a report by the American Institute for Defense of Democracy.

Nadine Njeim narrowly escapes death and her house is completely wrecked

The new report notes that Beirut needs $67 billion in new funds to stabilize the Lebanese banking sector, assuming an unofficial exchange rate of 4000 Lebanese pounds to the dollar. This does not include the $22 billion in losses incurred by the central bank, the Banque du Liban. Nor does it include an expected net loss of $4.2 billion or more from non-performing Eurobonds.

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The report notes that Lebanon's need of approximately $100 billion does not even include public infrastructure and other needs. In this context, the largest ever IMF bailout amounted to $57 billion for Argentina in 2018.

Huge explosions rocked the port of Beirut, yesterday, Tuesday, which killed at least 100 people and injured about 4000 others in the Lebanese capital.