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New Lebanese government will attract aid

Beirut - Lebanon’s election of a new president and the coming formationof a government will increase confidence in the economy and attract foreign aid, the country’s central bank chief said on Thursday. The Lebanese parliament elected former army commander Michel Aoun as president on Monday

Beirut - Lebanon’s election of a new president and the coming formation of a government will increase confidence in the economy and attract foreign aid, the country’s central bank chief said on Thursday. The Lebanese parliament elected former army commander Michel Aoun as president on Monday, ending a 29-month presidential vacuum. He is due to meet MPs later this week on their preferences for prime minister. “The election of President Aoun should lead to a normal activity of the constitutional institutions ... thus increasing confidence in the economy,” Riad Salameh said at a conference organised by the central bank. “The formation of a new government would help by attracting foreign aid and mitigating the cost of the Syrian presence in Lebanon that we estimate at 5% of the GDP,” he added, referring to the large Syrian refugee population.

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