Hariri Pledges Quick Govt To Halt Economic Collapse

Hariri vows a govt of non-partisan specialists tasked with implementing economic, financial, administrative reform according to a French initiative that was endorsed by mainstream Lebanese politicians

BEIRUT

Lebanon’s Prime Minister-designate Saad Hariri pledged on Thursday to quickly form a new government that would halt the country’s economic collapse, calling it a “last opportunity” to save the country hit by multiple political and financial crises.

Hariri, who resigned from the post a year ago amid nationwide protests against widespread corruption and a flunking economy, was asked to form the country’s next government after he secured enough votes from lawmakers - bringing back an old name to lead a country desperate for change.

In the past year, Lebanon’s currency has collapsed, losing nearly 80% of its value, while prices, unemployment, and inflation soared.

Lebanese have been unable to access their savings, as banks imposed informal capital controls fearing a run on deposits.

A gigantic explosion in August in Beirut’s port, caused by thousands of potentially explosive chemicals stored in a warehouse there, compounded the crises.

The blast defaced the capital, killing nearly 200 people, and injured over 6,000.

The explosion was seen as further proof of an incompetent political class in charge of governing the small country since the end of its 15-year civil war in 1990.