Lebanon’s Hariri vows to halt economic crash after being selected for 4th time

Lebanon’s Prime Minister-designate Saad Hariri pledged Thursday to quickly form a new government that would halt the country’s economic collapse after President Michel Aoun asked him to lead the government for fourth time.

Hariri received 65 parliamentary votes out of 118, giving him the mandate to form his fourth government after Lebanon’s political establishment failed to agree on a strong alternative to a French-proposed salvage plan that is meant to lead the bankrupt country out of its deepest economic and political crisis since the 1975-1990 civil war.

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.