The Lebanese pound is witnessing a record decline against the US dollar, after Hariri stepped down Thursday as PM-designate.

The Lebanese pound fell in the market to record levels of more than 23,000 pounds to the dollar, which will further limit the ability of the Lebanese to buy basic commodities, such as fuel, the price of which rose last month.

The current economic collapse constitutes the worst crisis in Lebanon since the civil war, as the World Bank describes it as one of the worst recessions in contemporary history.

The financial crisis in Lebanon pushed more than half of the population into poverty, and the value of the currency witnessed a decline of more than 90 percent in about two years.

The French Foreign Ministry said that a new international conference to meet the needs of the Lebanese will be held on August 4, at the initiative of French President Emmanuel Macron and the United Nations.