The Lebanese pound plunged to its lowest level at the value of 22,000 pounds against one dollar, after Saad Hariri, the designated Lebanese prime minister, announced his apology for forming the new government.
The Lebanese pound is falling
And one dollar in the parallel market ranged between 19,900 and 20000 pounds, compared to 19,200 in midday trading.
The dollar exchanged this morning, about 19,200 pounds in the parallel market, while the official rate set by the Central Bank is still at 1510 pounds.
A few days ago, the US dollar on the black market crossed its highest level against the Lebanese pound, by crossing the threshold of 19000 pounds.
Lebanon is currently facing a severe economic crisis, as the financial situation has deteriorated since the fall of 2019, and the value of the Lebanese pound has depreciated more than 10 times against the US dollar, which has led to an increase in the prices of unsubsidized products by more than 400%.
Saad Hariri apologizes for forming the government
Saad Hariri, the designated Lebanese prime minister, revealed the details of his meeting with President Michel Aoun, which lasted for only 20 minutes, indicating that he apologized for forming the new government.
After more than 7 months of a government vacuum against the backdrop of a severe political, financial and economic crisis, Hariri told reporters, after meeting Aoun, that the latter asked for “amendments” to the government formula he proposed to him on Wednesday, and he was quoted as saying, “We will not be able to agree.”
“That is why I apologize for forming the government, and may God help the country,” Hariri added.
— Al Hadath (@AlHadath) July 15, 2021
In a statement to his media office, Hariri said: “I met President Aoun and we held our consultations on the governmental issue. Among the speeches, there were amendments requested by the President, which I consider essential in the line-up.
He continued, “We also discussed matters related to confidence or naming other Christian ministers, and so on.”
He pointed out, “It is clear that the situation has not changed on this issue, and it is clear that we will not be able to agree with His Excellency the President.”
— Ahmad Hammoud Ahmad Hammoud 🇸🇦🇱🇧 (@ahmed_m_7ammoud) July 15, 2021
In October, Hariri commissioned the formation of a new government after the resignation of the government headed by Hassan Diab, after an explosion occurred in the port of Beirut, on the fourth of August, which killed more than two hundred Prime Time Zone, probably as a result of negligence in storing explosive materials.
The sharp political differences that brought down the Diab government, and each side held a stake and influence, prevented the formation of the government, despite international pressures and French mediation that failed to push the political parties to agree on a government formula.
For months, Hariri has exchanged accusations with the President of the Republic and his political party for obstructing the formation of a government that Hariri wants from specialists.
While the Free Patriotic Movement wants to be representative of the political balance of power, knowing that Aoun’s movement has the largest parliamentary bloc in the House of Representatives.
Mutual accusations between Aoun and Hariri
Hariri accuses Aoun and his political team of clinging to obtaining a majority that guarantees him the right to veto government decisions, while Aoun’s team says that he only wants the government to reflect the real size of political forces.
The international community requires Lebanon to implement urgent reforms in order to obtain the necessary financial support to get it out of the cycle of economic collapse that it has been suffering from for more than a year and a half.
Read also: “Lebanon will be lost” .. Liwa: The Lebanese army is in critical condition and needs $100 million immediately
Last month, France imposed restrictions on the entry of Lebanese figures it considers responsible for political perversion and corruption, without disclosing their identities or the nature of the restrictions.
The Lebanese President, Michel Aoun, had received from Prime Minister-designate Saad Hariri, a government formation that included new names and a new distribution of portfolios and sects different from what was previously agreed upon.
Hariri presented a lineup of 24 ministers to end nearly nine months of stalemate and halt the economic collapse.
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