Lebanon’s Hariri Vows Quick Government Able to Halt Economic Collapse

On Thursday, the newly-designate Lebanese Prime Minister Saad Hariri vowed to form a new government as soon as possible in order to halt the country's economic collapse, calling it a "last opportunity" to save the country hit by multiple political and financial crises.

In a brief statement, Hariri pledged a government of non-partisan specialists tasked with implementing economic, financial and administrative reform according to a French initiative that was endorsed by mainstream Lebanese politicians.

"I say to Lebanese who are suffering hardship to the point of despair, I intend to keep my promise, to work on stopping the collapse that threatens our economy, society and security," Hariri added.

Hariri won by a simple majority Thursday, securing a total of 65 votes out of 120 lawmakers polled by President Michel Aoun amid sharp pisions over the shape of the Cabinet that Hariri is expected to form.

The PM, who resigned from the post a year ago amid nationwide protests against widespread corruption and a flunking economy, was asked to form the country's next government after he secured enough votes from lawmakers.

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.

In August, a gigantic explosion rocked Beirut's port due to thousands of potentially explosive chemicals stored in a warehouse there. The blast killed nearly 200 people, and injured over 6,000. The explosion was seen as further proof of an incompetent political class in charge of governing the small country since the end of its 15-year civil war in 1990.

Hariri's return to office is rejected by protesters who had been demanding change, and see him as a symbol of a political class they blame for the country's woes.

The explosion prompted France, a longtime ally and former colonial ruler, to push for a new political order in Lebanon. Paris launched what came to be known as the French initiative, designed to pressure rival politicians to reach an agreement on a government empowered to introduce wide-ranging economic reforms. The international community has said it will not help Lebanon financially before reforms are implemented.