The Association of Banks in Lebanon on Wednesday expressed its readiness to help the new government overcome the nation's economic and financial crises, which have resulted in ongoing protests across the country
BEIRUT (Pakistan Point News / Sputnik - 22nd January, 2020) The Association of Banks in Lebanon on Wednesday expressed its readiness to help the new government overcome the nation's economic and financial crises, which have resulted in ongoing protests across the country.
On Tuesday, Lebanese President Michel Aoun signed documents on the formation of the new cabinet under Prime Minister Hassan Diab. The new government consists of 20 ministers, including five women, one of whom is the country's first female defense minister.
"The Association of Banks welcomes the formation of a new government. We are ready to assist in overcoming the economic and financial crises," the association said in a statement, as quoted by Lebanon's LBC broadcaster.
According to the statement, the association expressed hope that the new cabinet would be able to change the situation in the country and restore stability and the people's trust in the authorities.
In addition, the association said that it expected the new government to develop a clear economic and financial program that would take into account all the difficulties the country would face.
During the cabinet's first meeting earlier on Wednesday, the president said that the government should earn the people's trust and meet their demands.
Lebanon experienced its first mass protests last October, which were a response to the government's decision to tax WhatsApp calls. Despite the measure eventually being scrapped, and then-Prime Minister Saad Hariri and his cabinet resigning, people have remained in the streets to demand economic reforms, specifically in the banking sector, due to the worsening living standards amid a wider economic crisis.
The political side of the crisis seemed to resolve itself on December 19 when Aoun tasked his new prime minister, Diab, with forming the new government. Diab's candidacy was supported by 69 of 128 members of parliament, but the protesters were nevertheless dissatisfied with the result.
The announcement of the new cabinet on Tuesday was again met with large demonstrations in the Lebanese capital. Protesters also blocked roads in Beirut and other cities across the country, as well as a number of important highways, according to witnesses. A large rally in the Lebanese city of Tripoli reportedly turned into violent clashes with police.
