Tycoon Mikati leads Lebanon's first government in a year

AFP

Lebanese prime minister Najib Mikati succeeded in forming a cabinet on Friday in negotiations with President Michel Aoun, over a year after the last one resigned.

Lebanon is in the throes of a deep economic meltdown that is threatening its stability. Its financial crisis has been dubbed by the World Bank as one of the deepest depressions of modern history.

The crisis has propelled 78 per cent of the population into poverty and seen the local currency lose 90 per cent of its value against the US dollar in the past two years.

Mikati's cabinet will now be expected to begin necessary reforms and resume negotiations with the International Monetary Fund to unlock much needed foreign aid.

More from International

Coming Up on Dubai Eye

  • Off Script with Chris, Robbie & Sonal

    5:00pm - 7:00pm

    The UAE’s alternative take on news, entertainment and sport. Join Chris, Robbie and Sonal as they cut through the clutter to bring you the news, entertainment and sport stories that actually matter.

  • Extra Time

    7:00pm - 8:00pm

    Chris & Robbie bring you the latest from the sporting world plus interviews with upcoming and legendary sporting stars.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.