AIRLINK 72.40 Decreased By ▼ -1.70 (-2.29%)
BOP 5.01 Increased By ▲ 0.01 (0.2%)
CNERGY 4.40 Increased By ▲ 0.06 (1.38%)
DFML 29.52 Decreased By ▼ -0.02 (-0.07%)
DGKC 82.98 Decreased By ▼ -0.57 (-0.68%)
FCCL 22.32 Decreased By ▼ -0.11 (-0.49%)
FFBL 34.30 Decreased By ▼ -0.60 (-1.72%)
FFL 10.15 Increased By ▲ 0.28 (2.84%)
GGL 10.25 Increased By ▲ 0.25 (2.5%)
HBL 113.00 Increased By ▲ 1.00 (0.89%)
HUBC 140.55 Increased By ▲ 2.86 (2.08%)
HUMNL 8.03 Increased By ▲ 1.05 (15.04%)
KEL 4.44 Increased By ▲ 0.04 (0.91%)
KOSM 4.57 Decreased By ▼ -0.02 (-0.44%)
MLCF 38.30 Decreased By ▼ -0.25 (-0.65%)
OGDC 135.20 Decreased By ▼ -1.40 (-1.02%)
PAEL 26.75 Increased By ▲ 1.61 (6.4%)
PIAA 26.00 Decreased By ▼ -0.51 (-1.92%)
PIBTL 6.59 Decreased By ▼ -0.06 (-0.9%)
PPL 122.25 Decreased By ▼ -3.15 (-2.51%)
PRL 28.11 Decreased By ▼ -0.10 (-0.35%)
PTC 13.93 Decreased By ▼ -0.37 (-2.59%)
SEARL 55.55 Increased By ▲ 0.95 (1.74%)
SNGP 70.70 Decreased By ▼ -0.50 (-0.7%)
SSGC 10.47 Decreased By ▼ -0.03 (-0.29%)
TELE 8.65 Increased By ▲ 0.13 (1.53%)
TPLP 11.05 Increased By ▲ 0.11 (1.01%)
TRG 61.55 Increased By ▲ 0.85 (1.4%)
UNITY 25.28 Decreased By ▼ -0.05 (-0.2%)
WTL 1.28 Increased By ▲ 0.02 (1.59%)
BR100 7,659 Decreased By -5.6 (-0.07%)
BR30 25,083 Increased By 57.7 (0.23%)
KSE100 73,109 Increased By 344.9 (0.47%)
KSE30 23,739 Decreased By -36.5 (-0.15%)

BEIRUT: Lebanon's premier-designate stepped down Saturday, saying he had been unable to form a reform-minded government to lift the country out of its worst economic crisis in decades.

Lebanon's last government resigned in the aftermath of a colossal blast at Beirut's port on August 4 that killed more than 190 people, wounded thousands and ravaged swathes of the capital.

Since his nomination on August 31, Mustapha Adib has been under pressure to form a new cabinet as soon as possible to carry out the necessary reforms to unlock billions of dollars in foreign aid.

"I excuse myself from continuing the task of forming the government," Adib said in a televised speech.

"I apologise to the Lebanese people... for my inability to realise its aspirations for a reformist team," he said.

Government formation can drag on for months in multi-confessional Lebanon, where a power-sharing agreement seeks to maintain a fragile balance between all sides. This effectively means that all main political parties must agree on major decisions, including the makeup of any future cabinet even before it is submitted for parliamentary approval.

Comments

Comments are closed.