Prime Minister Hassan Diab’s government met for the first time on Wednesday. Formed by the Iranian-backed group Hezbollah and its allies without the participation of major Lebanese political parties that enjoy Western backing, it also faces one of the biggest financial crises in the heavily indebted country’s history. A liquidity crunch that has hit the Lebanese pound, fueled inflation and driven banks to impose capital controls. “It is necessary to work to tackle the economic situation, restore the confidence of the international community in Lebanese institutions and reassure the Lebanese about their future,” Aoun said. U.N. Secretary General Antonio Guterres welcomed the government formation and said he would work with Diab to support the reform agenda, Guterres’ spokesman said in a statement on Wednesday.

Source: Egypt Independent January 22, 2020 13:41 UTC