Newspaper: New Lebanese government to be announced within 72 hours

The Lebanese newspaper "Al-Liwaa" reported on Wednesday that "the new  Lebanese government headed by Prime Minister-designate Saad Hariri may be announced within 72 hours," noting the appointment of Maj. Gen. Abbas Ibrahim as Minister of Interior.

The newspaper said in its issue that "information spread at night, regarding an agreement to form the new government within 72 hours, to include 20 ministers, in which the Ministry of Interior is assigned to the Director General of Public Security."

This comes on the background of a record collapse of the Lebanese pound, which recorded 15 thousand pounds to the dollar on Tuesday, which prompted the Lebanese to organize protests and block roads in most Lebanese regions.

Lebanon is witnessing a stifling economic and financial crisis that has never been experienced before even in the civil war in the seventies of the 20th  century.

This crisis is accompanied by the deepening of the political dilemma due to the failure to form the government, in addition to the health crisis exacerbated by the outbreak of Coronavirus ( known also by the World Health Organization as COVID-19).

Protesters burned tires and blocked roads in parts of Beirut and other main cities across the country, on Tuesday due to a record collapse of the Lebanese pound against the US dollar, while the country's financial collapse worsened.

The Lebanese pound recorded about 15 thousand to the dollar and exceeded that number for the first time on Tuesday, according to market participants, bringing its losses to about 90% since the outbreak of the crisis in late 2019.

An official source told “Reuters” that Lebanon's foreign exchange reserves currently amount to about $16 billion.

Reserves were about $19.5 billion in August, and the decline may mean there is not enough money available to support the importation of basic commodities such as wheat and fuel program.

Lebanon's problems have worsened after the Beirut port explosion in August, which wreaked havoc in large parts of Beirut, killed 200 people, and forced the caretaking government to resign.