Lebanese Billionaire named PM, amidst worsening economic crisis

Lebanese Billionaire named PM, amidst worsening economic crisis
Monday 26 July 2021 - 22:33

Parliamentary consultations with Lebanese President Michel Aoun ended Monday with appointing Lebanese Billionaire Najib Mikati  as the country’s new prime minister-designate.

Mikati, a Sunni Muslim is tasked with forming a government after a year of political disaray since caretaker Prime Minister Hassan Diab resigned following the Beirut Port explosion last August. 

Mikati won by  72 votes, almost entirely unopposed, with the crucial support of the Shiite Iran-backed Hezbollah. His only competitor, diplomat Nawaf Salam received just one vote. 

Mikati,65, was under fire for making gains from government program  during mass protests late 2019 demanding th  removal of the small country’s political class accused of misconduct and corruption. He denied the accusations.

The small Mediterranean country was driven into further economic distress since the 2019 protests, with poverty soaring, hyperinflation, electricity blackouts, and fuel shortages.

Led by France, the EU has long threatened the Lebanese elite with sanctions, saying Mondayit hopes to develop a legal framework for sanctions targeting Lebanese leaders.

These sanctions  include travel bans and assets freezes against someone of the country’s notorious politicians.

“It is now of crucial importance that a credible and accountable government is formed in Lebanon without delay,” the EU said in a statement, following the appointment of Mikati.

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