Beirut, Jun 25 (IANS): Lebanon's joint parliamentary committees have approved a social safety net plan that will provide cash assistance of $137 to over 500,000 vulnerable families amid the economic crisis in the country.

Lebanese authorities will open, for this purpose, a line of credit with $556 million which will be repaid later on from World Bank loans, reports Xinhua news agency.

Moreover, a parliament session is expected to be held next week to approve the social safety net bill.

Lebanon has been going through the most difficult economic and financial crisis in its history with the poverty rate hovering over 50 per cent, according to the World Bank.

Also, last year's Beirut port explosions and the Covid-19 outbreak drove thousands of people out of their jobs.

The approval of the social safety net comes as the Central Bank of Lebanon started to gradually lift subsidies on fuel, food products and other basic commodities which drove prices of these items higher.