⁍ Lebanese officials have estimated losses due to the blast, which killed 150 people, could run into billions of dollars.

---

⁍ The blast has put renewed pressure on the Lebanese pound, which was trading at around 8,300 per dollar on the black market after the explosion.

---

– An explosion at Lebanon’s main port on Tuesday killed at least 150 people and left tens of thousands homeless after the country’s economy took a major hit. Reuters reports the blast, which damaged large parts of commercial Beirut, could lead to a GDP contraction of up to 25% this year—far beyond the IMF’s forecast of a 12% decline due to a deepening economic and political crisis. Lebanese officials have estimated losses due to the blast, which killed 150 people, left thousands injured, and rendered tens of thousands homeless, could run into billions of dollars. A financial crisis had already led Lebanon to enter negotiations with the International Monetary Fund in May this year after it defaulted on its foreign currency debt, but those talks were put on hold in the absence of reforms. Analysts say the blast highlights negligence in Lebanon’s governance and puts more pressure on the government to speed up reforms in order to access aid to rebuild the economy. “If reforms are not carried out, Lebanon will continue to sink,” French President Emmanuel Macron said Thursday as he toured the devastation in Beirut port.