The American University of Beirut is planning to secure $100 million from its funds abroad to assist its staff during financial struggles in Lebanon, announced AUB President Fadlo Khuri.
Currently, AUB’s staff is being paid at the official rate (1,500 LBP) in Lebanese pounds, but bringing cash from abroad will enable the university to provide more for its staff as the local currency collapses.
In the face of the volatile black market exchange rate, people in the highest-paid positions have found that their salaries are worth just a fraction of what they used to be.
Many professionals have been leaving the country in search of better opportunities. Speaking during a webinar, Khuri warned that AUB will be losing 15% of its academics by next year.
In attempt to hold on to its workforce, AUB will aim at covering at least 35% of each staff member’s salary at an increased semi-official exchange rate of 3,900 LBP for the next three months.
Khuri added that the university hopes to one day soon be able to pay part of its staffs’ salary in “fresh dollars”.
“AUB is absolutely committed to Lebanon, but we need to diversify our approaches. Lebanon’s greatest wealth has been its people, and they are leaving Lebanon,” he said.
“This is the time to invest in its people; otherwise, Lebanon will lose its best and brightest.”
