Lebanon Finally Gets a Government for an Economy on the Ropes
- Rows over sectarian representation stalled cabinet formation
- Government faces tough task of introducing fiscal reforms
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Lebanon’s Prime Minister Saad Hariri finally announced his new cabinet lineup after nine months of political bickering and mounting economic challenges. Now the government faces the tough task of managing faltering public finances.
The nation must urgently begin to “invest in economic and social solutions,” Hariri said at the presidential palace on Thursday after unveiling his new team. Courageous reforms and cooperation among political factions are essential, he said. Lebanon’s sovereign bonds due in 2028 climbed the most since they were issued in November 2015, adding 4 cents to 83.01 cents on the dollar at 12:20 p.m. in New York.