World Bank grants Lebanon $150 million food security loan

BEIRUT (AP) — Lebanon’s economy minister says the World Bank has approved a $150 million soft loan for food security in crisis-hit Lebanon to stabilize bread prices during the coming months. Amin Salam told reporters Monday that the loan has very low interest rate and is a big relief for Lebanon during the country’s historic economic meltdown. There have been concerns that the government might lift wheat subsidies as foreign currency reserves drop to critical levels at the central bank. Any lifting of subsidies would sharply increase the price of bread affecting the poor in the Mediterranean nation.