Syrian President Bashar al-Assad, who was formally re-elected to a fourth seven-year term in May despite allegations of fraud by many Western countries, took the oath of office Saturday in Damascus. Two army officers carried copies of the Quran and Syria’s constitution, on which Assad took the oath. He said in his speech that the main cause of Syria’s current economic crisis was the freeze of his country’s assets held by Lebanese banks. By some estimates, Assad said, Syria has $40 billion to $60 billion in Lebanese banks, which is enough to stall the economy and depress the value of Syria’s currency. Diab said Lebanon has been supporting Syria economically since 2016 with subsidized gasoline and food staples, so Assad is wrong to claim that Lebanon is the cause of Syria’s economic woes.

Source: Daily Nation July 18, 2021 03:45 UTC