Beirut, Jan 30: Lebanese President Michel Aoun launched a social safety net financing plan through a World Bank loan of $246 million.

"We will work on distributing the money fairly among the most vulnerable families in the country," Aoun said during a meeting held on Friday at the Baabda Presidential Palace.

Aoun assured that Lebanese authorities are fighting against Covid-19 while working to overcome the difficult economic phase and its effects on various segments of the society.

For his part, World Bank Regional Director Saroj Kumar Jha said that the global lender will continue to support Lebanon during its difficult times.

The World Bank approved the loan to help the most vulnerable families as Lebanon has been going through its worst economic and financial crisis in parallel to a poverty rate exceeding 50 per cent.

(The above story first appeared on LatestLY on Jan 30, 2021 01:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).