After in October Lebanese Prime Minister Saad al-Hariri resigned amid worsening violence and protests related to the nation’s banking crisis, but remained in a caretaker capacity, Lebanon announced Tuesday the formation of a new government, which met for the first time Wednesday.

The crisis-hit country has been three months without a government.

President Michel Aoun said it’s vital the new government led by caretaker Prime Minister Hassan Diab wins back international confidence at a moment Lebanon is on the verge of deft default and currency devaluation. The new leaders will attempt to instill enough faith to unlock crucial external funding, conditioned on badly needed reforms which have thus far remained elusive.

Read more…