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Lebanese PM-designate vows to form capable cabinet

29 Jun 2022, 03:49 GMT+10

BEIRUT, June 28 (Xinhua) -- Lebanese Prime Minister-designate Najib Mikati on Tuesday vowed to form a cabinet capable of assuming its full duties and responsibilities, a statement by the Council of Ministers said.

"We will form a cabinet capable of completing the negotiations with the International Monetary Fund (IMF), coming up with a proper electricity plan, and resuming indirect border demarcation talks with Israel," Mikati was quoted as saying after holding non-binding consultations with parliamentary blocs.

Mikati assured that the new cabinet will put the national interest at the forefront of its responsibilities.

The Lebanese government in April reached a staff-level preliminary agreement with the IMF to finance Lebanon with 3 billion U.S. dollars over a period of four years.

The funding deal, which is subject to approval by the IMF, requires the Lebanese government to implement a host of reforms, including passing a capital control law and a banking secrecy law, restructuring the banking sector, and unifying the exchange rates.

Lebanon has been suffering from an unprecedented financial crisis that resulted in the collapse of the local currency. Hit by intertwined political, economic and health crises, Lebanon's poverty rate now rises to over 74 percent, according to the World Bank.

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