Even a genuine reformer would be overwhelmed by the scale of Lebanon’s problems
GIVE HIM credit for the pageantry, at least. Emmanuel Macron, the French president, arrived in Lebanon on August 31st for a two-day visit, his second since the massive explosion at Beirut’s port four weeks earlier. Even his timing was symbolic, 100 years to the day since his predecessors carved Lebanon out of the French mandate in Syria. His first formal meeting was not with his counterpart, Michel Aoun, but with Fairouz, the belovedwhose haunting voice is a rare source of national unity.
Yet the man who will lead this new beginning is hardly a break from the past. The unexpected choice for prime minister was Mustapha Adib, Lebanon’s ambassador to Germany. He won the support of 90 MPs . In theory, he takes office with broader support than Mr Diab, who secured just 69 votes during consultations in December.
. Its economy has collapsed. The currency has lost 80% of its value on the black market since October. Annual inflation hit 112% in July, up from 90% in June; food prices were up by 336%. The poverty rate climbed from 28% last year to 55% today. Talks with the IMF for a financial agreement worth up to $10bn have stalled. Talal Salman, the finance ministry official in charge of restructuring Lebanon’s debt, resigned on August 31st, the third high-level adviser to quit in recent months. Arab and Western states are unwilling to bail out Lebanon without serious reforms. The BdL, desperate for a short-term fix, has told banks to boost their capital by 20% before February or “exit the market”.
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