Lebanon’s National Social Security Fund Continues To Collapse Leaving Millions In Poverty

LBCI

One of the many institutions that have suffered in Lebanon after the start of the economic crisis was the National Social Security Fund (NSSF). The NSSF helps around one and a half million Lebanese people, and before 2019 it covered the medical bills of around 33% of Lebanese people.

Unfortunately for many Lebanese people, however, the NSSF’s savings lost most of their value after the collapse of the Lebanese Lira, leaving many unable to afford basic medical care.

Many blame the board of directors of the NSSF for this collapse, claiming they were incompetent in dealing with the institution’s funds.

Last Friday, a meeting was conducted by the board of directors to discuss the increase in financial help provided for its clients. However, this issue was not raised.

Instead, the meeting revolved around using LBP 30 billion of the institution’s savings in order to buy diesel fuel for the institution’s centers.

The NSSF no longer pays more than 10% of its bills, which reflects its dire financial situation. The NSSF had around $8 billion saved in its accounts before the crisis, this figure quickly shrank to $450 million, signaling a 95% decrease.

While the board of directors continues to overlook its collapse, millions of Lebanese people wait for the NSSF to fix its financial situation.

Unfortunately, the incompetence of those in charge makes a solution in the near future almost impossible.

Related: Third Of Lebanese Population Is At Risk Of Losing Social Security Services.

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Lebanon's National Social Security Fund Continues To Collapse Leaving Millions In Poverty

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