BEIRUT: Lebanon is supporting 500,000 households with a monthly financial aid worth up to $126, a government minister announced on Thursday.

The Ministry of Economy and Trade in the caretaker government has approved financial cards for citizens to help them during the current economic crisis of the country, minister Raoul Nehme said in a press conference.

People can apply for the money immediately, with a cut-off point of October 15.

“We want to support families that really need support and we will give $25 per person and the maximum per family is $126, and an additional $15 is added to the amount for each elderly person over the age of 64 who lives with the family,” Nehme said.

He explained that households would be eligible for the aid, even if they are not relatives.

The amount is paid in so-called 'fresh' dollars or in Lebanese pounds, according to the exchange rate in the parallel market at the time of payment.

Those who have over $10,000 annual income or sum of deposits in banks, in fresh dollars or what is equivalent in Lebanese pounds, will be excluded from the programme, as well as those who travel for 90 days or above, families with domestic workers, with the exception of those who have elderly, sick conditions, and disabilities.

Anyone who has $50,000 bank dollars, a rent allowance in fresh dollars, or has in the family over three new-made cars, are also excluded.

The Lebanese Minister explained that there is a quest "to find out who is rich in Lebanon and not who is poor, to exclude those who can bear the burdens of living without assistance in order to provide support to families in need."

Nehme stressed that every step taken is in cooperation with the World Bank and under the supervision of the Central Inspection.

“We want to prove to the citizens that we are working for them and we are not issuing the financing card on the basis that it is an electoral card,” he said.

He also pointed out that the solution is to form a new government. "We were hoping that it was the one to launch this programme," he said.

This announcement comes as citizens are preparing themselves for the total lifting of subsidies by the Banque du Liban, although the date of the removal is yet to be clarified.