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The request was confirmed by both a Lebanese army source and an Iraqi Defence Ministry official. “There will be more financial aid, but details have not been agreed on yet,” said the Iraqi official. The army source said that the money would be spent on food and medicine for its 80,000 soldiers. Neither side gave an official explanation for the army s request, but analysts were not surprised. “Institutions are trying to bypass the banking system and the Lebanese pound,” said financial analyst Mike Azar. “We have been moving to a cash economy for the last 18 months as the banking system remains insolvent. The currency crisis and multiple exchange rate system makes it challenging to do business in Lebanese pounds.”

Jamal saghirHassan diabMike azarRiad salamehInstitute of financial economicsIraqi defence ministryLebanon finance ministryAmerican university of beirutWorld bankWorld food programmeFinance ministryFinancial economicsAmerican universityWorld foodPresident michel aounSunniva rose