Lebanon's premier-designate Mustapha Adib has stepped down, saying he has been unable to form a reform-minded government to lift the country out of its worst economic crisis in decades.
The two parties have refused to budge on their demand to keep the finance ministry under their control, a position analysts say is linked to recent US sanctions against a former minister from Amal, as well as Hezbollah-linked businesses.
President Michel Aoun accepted Adib's resignation and was set to"take the appropriate measures according to the requirements of the constitution", the president's office said."The initiative launched by French President Emmanuel Macron is still ongoing and still receives my full support," it quoted Aoun as saying.
The Lebanese pound has plummeted in value, and poverty rates have doubled to more than half the country's population. Aoun had warned on Monday the country was headed to"hell" if competing political forces did not step up and help Adib form a new cabinet.
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