Lebanese Minister of Economy and Trade, Amin Salam, said today, Friday, that the losses incurred by basic sectors in all Lebanese territories as a result of the Israeli aggression range between 15 to 20 billion dollars, according to preliminary estimates.
He added in an interview with Anadolu that these numbers may change after the ceasefire and a field survey of the villages and cities of the south, the Bekaa (east), Beirut and its southern suburbs.
The entry into force of the ceasefire agreement between Israel and Hezbollah, at dawn last Wednesday, ended a mutual bombardment that began on October 8, 2023, and then turned into a wide-scale war during the last two months.
Salam explained that Lebanese estimates, before the expansion of the Israeli aggression, indicated losses of about 10 billion dollars in the basic sectors, especially tourism and agriculture.
He continued, “During the aggression, losses increased as the intensity of the bombing increased, and we were not able to complete field surveys at that time, as losses were estimated at hundreds of millions of dollars daily as a result of destruction or disruption of economic activity.”
Salam revealed that about 500,000 Lebanese lost their jobs as a result of the displacement of about 1.5 million citizens, in addition to the destruction of many infrastructure and commercial institutions and the complete paralysis of the tourism sector.
The Israeli aggression against Lebanon resulted in 3,961 deaths and 16,520 wounded, including a large number of children and women, and most of the victims and displaced persons were recorded after September 23, according to official data.
Israel’s aggression caused the displacement of about 1.4 million people throughout the country.
Reconstruction
Regarding Lebanon’s strategy for rebuilding the affected areas and promoting economic growth again, Salam said: “After the ceasefire, the most important thing is to restore the regularity of the state’s work, which needs to secure 15 or 20 billion dollars to rebuild the country and its economy, and this requires unprecedented international solidarity and support.”
The minister pointed out that after the July 2006 war, the numbers and destruction were much less than the current situation, and several international conferences were held at that time until money flowed to Lebanon for reconstruction and revitalization of the economy.
He added, “Today’s circumstances are different from 2006, because what is required of the international community is to reorganize the country’s institutional work, first and foremost the election of a president, which is important to reflect confidence in the international community.”
Since the end of former President Michel Aoun’s term in October 2022, the Lebanese Parliament has failed during several sessions to elect a new president due to disagreements between political parties.
According to Salam, Lebanon “needs at a minimum amounts ranging between 3 and 5 billion dollars in the first phase to launch reconstruction plans during the first quarter of 2025, including support for the army and emergency matters related to returning the displaced to their villages and cities and creating economic movement in the country.”
He said: “I have information that there is no significant and basic support to rescue Lebanon before going to elect a president and a new government.”
Danger present
The minister pointed out, “We must be very careful and wise, because the coming months are dangerous and extremely important, and if we succeed in achieving a peaceful period, we will be able to avoid any escalation from the Israeli side.”
He said, “The danger is present, and that is why I say that we must be very careful, and this idea will remain in place until a regional agreement is achieved and Lebanon is part of it, and then we will have permanent peace with the entire region.”
The minister praised his country’s relations with Turkey, stressing the importance of “Turkey being a key partner in restoring Lebanon to its leading position, supporting its economy, and joint cooperation between the two countries in all fields.”
Since 2019, an economic and financial crisis has loomed over Lebanon, which the World Bank described as one of the three most severe crises the world has ever known, as it led to financial collapse, deterioration of living conditions, and energy scarcity, and it worsened further after the recent Israeli aggression.
