Lebanese Prime Minister-designate Saad Hariri steps down amid crises

BEIRUT, Lebanon Former Lebanese Prime Minister Saad Hariri said on Thursday he had given up on trying to form a new government, opening a new political vacuum as the country slips deeper into an acute political and economic crisis .

Mr. Hariri was called upon to form a new cabinet last October, following the resignation of Prime Minister Hassan Diab following a huge explosion in the port of Beirut on August 4. But after nine months of political wrangling over who would head which ministries, Hariri told reporters he had not reached an agreement with President Michel Aoun and was stepping down.

May God help the country, Mr. Hariri said.

Lebanon is suffering from a financial contraction which the World Bank says may be one of the worst in the world since the mid-1800s, and Mr. Hariris’ departure makes the country even less likely to receive aid soon. Western powers and the International Monetary Fund have based all assistance on forming a new government and adopting political reforms.

Mr. Hariri had sent a cabinet proposal to the president on Wednesday and met with him on Thursday, only to announce after a 20-minute meeting that they had failed to come to an agreement and that he was stepping down.

Mr. Aoun’s office did not immediately comment on Mr. Hariris’ decision. It was not clear how long it would take for a potential new prime minister to be appointed, and who it might be.

Mr Diab continues to serve as interim prime minister, limiting the scope of actions he and his ministers can take to try to stop the descent of the country.

Lebanon has been beset by interconnected crises since the fall of 2019, when mass protests took to the streets as people called for the ousting of the country’s political elite, whom protesters accused of getting rich and of not to develop the country.

Since then, the economy has collapsed and unemployment has skyrocketed. And the situation was exacerbated by the coronavirus pandemic and the explosion at the Port of Beirut, which left around 200 people dead and caused billions of dollars in damage to the city’s residential neighborhoods.

The collapse is fueled by a financial crisis that left Lebanese banks largely insolvent and caused the currency to collapse.

After Mr Hariris’ statement on Thursday, the Lebanese pound hit a new low of 20,000 per dollar, having lost more than 90% of its value since September 2019 and rendering the salaries of soldiers, police and civil servants almost worthless .