Monday, 18 Aug 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > Incumbent Lebanese PM keeps post as economic crisis deepens
World

Incumbent Lebanese PM keeps post as economic crisis deepens

Enspirers | Editorial Board
Share
Incumbent Lebanese PM keeps post as economic crisis deepens
SHARE

BEIRUT (AP) — Lebanese Prime Minister Najib Mikati won the support of more than 50 legislators Thursday to keep his post following last month’s parliamentary elections as the country’s multiple crises deepen with no solution in sight.

After a day of binding consultations between President Michel Aoun and parliamentary blocs, Mikati was named by 54 lawmakers while his main rival for the post got less than half that figure. Forty-six legislators abstained from naming anyone.

The new government’s main mission will be to continue talks with the International Monetary Fund over an economic recovery plan for Lebanon, which is in the grips of the worst economic and financial crisis in its modern history.

The nearly three-year-old economic meltdown — rooted in decades of corruption and mismanagement by Lebanon’s ruling class — has been only getting worse with no serious steps taken to start getting the country out of its problems. The economy has been shrinking, power cuts last for much of the day and most people have no access to their savings in banks.

“Without a deal with the International Monetary Fund there will be no opportunities for salvation. This (deal) is the main gate for salvation” Mikati said after he was chosen, adding that “we will not let Lebanon collapse.”

“We are now facing the challenge of total collapse or gradual salvation,” Mikati said . He said he extends his hand “to everyone without exception. The nation needs our arms.”

In April, Lebanon and the IMF reached a tentative agreement for comprehensive economic policies that could eventually pave the way for some relief for the country after Beirut implements wide-ranging reforms.

The staff level agreement between Lebanon and the IMF listed five “key pillars” that should be implemented, including restructuring the financial sector, implementing fiscal reforms, and the proposed restructuring of external public debt, anti-corruption and anti-money laundering efforts.

Mikati said his government will continue talks with the IMF adding that the deal reached in April could be used as a roadmap.

Mikati was widely expected to get the largest support from legislators to form a new Cabinet that will be in power until the end of October when Aoun’s six-year term expires. Such a short tenure could make it difficult for the billionaire premier to form a Cabinet since it usually takes months to form a government in Lebanon due to political bickering.

The other candidate for the post was Lebanon’s former ambassador to the United Nations, Nawaf Salam, who is backed by independents, the nationalist Kataeb Party and the bloc backed by Druze leader Walid Joumblatt. Salam was chosen by 25 legislators.

Mikati had the backing of the powerful Iran-backed militant Hezbollah group and its Shiite ally, the Amal Movement of Parliament Speaker Nabih Berri, as well as some Sunni legislators.

The two largest Christian blocs, the Saudi-backed Lebanese Forces party and the bloc of Aoun’s Free Patriotic Movement, did not name anyone.

“We chose not to name anyone because we are not for choosing Prime Minister Mikati since it will be difficult to form a government during this short period,” said Gebran Bassil, who heads the movement.

Mikati’s previous government, which was formed in September, became a caretaker Cabinet after the May 15 parliamentary elections that gave the majority of the legislature’s seats to mainstream political groups blamed for decades of corruption and mismanagement that led to the economic meltdown.

Last month’s vote for the 128-member legislature also saw Hezbollah and its allies lose majority seats in parliament that they had held since 2018.

Since the economic meltdown that began in October 2019, the Lebanese pound has lost more than 90% of its value, tens of thousands of people have lost their jobs, and many have left the small nation of 6 million, which includes 1 million Syrian refugees.

Lebanon’s crisis was made worse by the coronavirus pandemic and a massive blast in August 2020 that killed more than 200, injured thousands and destroyed Beirut’s port and damaged parts of the country’s capital.

Share This Article
Twitter Email Copy Link Print
Previous Article What to See, Eat and Do in New Orleans What to See, Eat and Do in New Orleans
Next Article WHO considers declaring monkeypox a global health emergency WHO considers declaring monkeypox a global health emergency

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

The World Travel & Tourism Council Announces Collaboration with UNWTO and Sustainable Hospitality Alliance at COP15

Travel & Tourism sector commits to vision to halt and reverse biodiversity loss by 2030MONTREAL,…

By Enspirers | Editorial Board

Shark sightings get more common at New York beaches

BABYLON, N.Y. (AP) — As bathers cooled themselves in the Atlantic surf on New York's…

By Enspirers | Editorial Board

Top US and Pakistan diplomats say they want stronger ties

UNITED NATIONS (AP) — U.S. Secretary of State Antony Blinken and Pakistan’s new Foreign Minister…

By Enspirers | Editorial Board

Russian invasion launches new era of global upheaval

Vladimir Putin attacked Ukraine — including the capital, Kyiv — in an overnight barrage that…

By Enspirers | Editorial Board

You Might Also Like

Hamas says it accepts proposal for Gaza ceasefire and launch of hostages
World

Hamas says it accepts proposal for Gaza ceasefire and launch of hostages

By Enspirers | Editorial Board
Man discovered responsible over east London capturing of nine-year-old woman
World

Man discovered responsible over east London capturing of nine-year-old woman

By Enspirers | Editorial Board
Protests in Israel as authorities prepares for brand spanking new offensive on Gaza Metropolis – Center East disaster dwell
World

Protests in Israel as authorities prepares for brand spanking new offensive on Gaza Metropolis – Center East disaster dwell

By Enspirers | Editorial Board
Labour must ‘pick things up’ after a ‘tough’ first 12 months, says Sadiq Khan – UK politics dwell
World

Labour must ‘pick things up’ after a ‘tough’ first 12 months, says Sadiq Khan – UK politics dwell

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?