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Deal reached for new unity government in Lebanon

cde.news desk · 1 min read
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epa07303545 Supporters of the Lebanese communist party along with activists from the civil society march as they carry their party's flags during a protest in Beirut, Lebanon, 20 January 2019. Thousands of supporters of the Lebanese Communist Party, the Nasserite People's Organization and civil society groups demonstrated during a march in the streets of Beirut in conjunction with the Arab Economic Conference on the waterfront of Beirut, rejecting the economic and financial policy that brought the country to the brink of bankruptcy and rejecting unfair taxes on gasoline and value added (TVA) and all indirect taxes, calling on the government to protect citizens right to work and right to have access to medical care. EPA-EFE/NABIL MOUNZER

Lebanese leaders reached a deal on Thursday to set up a new unity government, three political sources from different factions said, ending nine months of wrangling over how to share out cabinet portfolios in the heavily indebted state.

Reuters report how this will be the third government led by the Western-backed Saad al-Hariri, who has vowed to carry out economic reforms needed to put public finances on a sustainable path and to unlock billions in funding to boost low growth.

The government will be announced on Thursday, the sources said. Ali Hassan Khalil will stay on as finance minister, a senior official said.

Negotiations on the new national unity government including Lebanon’s main political blocs began after a May 6 election, in which allies of the Iranian-backed Shi’ite group Hezbollah gained ground.

While Lebanon’s economy and financial system have shown resilience during previous periods of political paralysis, investor concerns have been reflected of late in bond prices and the costs of insuring against debt default.

via Reuters

 

Topics Lebanon