Beirut, Sep 10 (UNI / Sputnik) Lebanese Prime Minister designate Najib Mikati will lead the new government, Mahmoud Makiya, secretary general of the cabinet of ministers, announced on Friday.
Earlier today, Mikati and President Michel Aoun signed a decree on the formation of the new government.
“The president of the republic, on the basis of the constitution, signed the decree appointing Najib Mikati as prime minister,” Makiya told reporters.
Aoun also accepted the resignation of the government of interim Prime Minister Hassan Diab in another decree.
The newly formed cabinet will grant Lebanon access to an IMF bailout that is deemed crucial for the country’s economic recovery, as news of the cabinet’s formation has resulted in an increase in the value of the national currency by nearly 12% in the course of a few hours.
“It is not our wish, but we have no more reserves or money that we can use to help, and therefore we all have to endureâ¦ We are living in difficult times, and our citizens and our people must know that our times are not times of entertainment, nor are they times of prosperity, but God willing, we can change this path soon, âMikati said in response to a question regarding the lifting of subsidies by the new government broadcast from the country’s presidential palace.
Aimed at mitigating the rise in prices given the depreciation of the currency, Lebanon’s subsidy mechanism has enabled importers of a number of goods deemed vital by the state to source US dollars at exchange rates. favorable, provided that the purchased products are sold at a price set by the authorities.
With the dismantling of the previous government in August last year following the explosion of the Port of Beirut, rivalries between the political elite of the Mediterranean nation have blocked two consecutive attempts to form a new cabinet, exacerbating the country’s economic crisis again, as the national currency collapsed to a low record.
UNI / SPUTNIK GNK 1844