$42 billion FX shortfall between 2010-19. Lebanon's cumulative current account deficit between 2010-19 amounted to $104 billion. This deficit was growing at close to twice the growth rate of Foreign Currency (FX) deposits. It was driven by tripling of fuel imports that amounted to half the deficit and to a third of Lebanon's net imports. This catastrophic situation resulted in an additional FX need of $42 billion that in turn contributed to the depletion of Lebanon's FX deposits. Lebanon's crisis was 10 years in the making.

$49 billion of imported petroleum between 2010-19. Fuel imports represent a third of Lebanon's total imports. Lebanon increased oil imports at unprecedented levels between 2015-19 when oil prices were decreasing. Improving the current account deficit and limiting the drainage of FX reserves that funded over imports and smuggling was not a government priority.