Lebanon's new PM Mikati vows to revive country's economy; says won't take help from Israel

On Friday, September 10, Lebanon's new Prime Minister, Najib Mikati, vowed to do everything to bring the country's disastrous economic situation on track. After a gap of over a year, a new government has been formed in Lebanon under the leadership of 66-year-old business tycoon Mikati. Speaking to the media, he said that Lebanon would cooperate with any country except Israel, reported Sputnik. "I understand that the situation is grim in the country, but it is not unfeasible to deal with. The government is open to deal with any country for the sake of Lebanon's betterment, with the exception of Israel," he said at the Presidential palace, as reported by Sputnik. It should be noted here that there have been strained relations between both countries since Israel's confrontation with the Lebanese Shia Islamist political group Hezbollah. In the wake of this, both countries have refrained from establishing diplomatic relations, reported Sputnik. 

The new government led by Prime Minister Mikati is expected to undertake some tough steps as the country's foreign reserves have hit a new low. Mikati said that lifting subsidies was a critical priority for the government to uplift the economy. The government is also expected to begin negotiations with the International Monetary Fund after conducting a financial audit of the Central Bank. Mikati, who has been appointed as the country's Prime Minister for the third time, also said that he understands the pain of citizens and promises to improve the situation in the country. It should be mentioned here that Youssef Khalil was appointed as finance minister, and Bassam Mawlawi took over as the country's new interior minister. 

'Lifting subsidies was a critical priority for the government' 

The new government led by Prime Minister Mikati is expected to undertake critically needed reforms as the country's foreign reserves have been running dangerously low. Mikati said that lifting subsidies was a critical priority for the government to uplift the economy. The government is also expected to begin negotiations with the International Monetary Fund after conducting a financial audit of the Central Bank. 

The tragic explosion at Beirut port on August 4, 2020, caused the dismissal of then-Prime Minister Hassan Diab's administration. After that period, Lebanon was without a fully sovereign administration. During that time, competing political entities have been at odds over the composition of a new administration. 

(With AP inputs)

Image: AP