Lebanon’s premier says he has no ‘magic wand’ to fix country’s crises

Lebanon’s new Prime Minister Najib Mikati says he has no “magic wand” to fix the country’s economic and financial crises, following more than a year of political deadlock over the formation of a government.

Mikati made the remark in a statement on Monday, saying he has “no magic wand to rescue the country from one of its worst ever economic crises,” and that it takes determination and a plan to fulfill achieve the hopes of the Lebanese people.

“It is true that we don’t have a magic wand. The situation is very difficult,” the statement said, adding that there was no time to lose and no easy path to tackle Lebanon’s economic meltdown.

Mikati, however, pledged to work hard for Lebanon to resolve shortages of fuel and medicine, the supplies of which have dried up as the country’s hard currency reserves have run out.

Mikati, who took the office last week, has promised to revive talks with the International Monetary Fund (IMF) as part of efforts to unlock financial aid.

On Friday, Lebanese leaders agreed on the formation of a new government after a 13-month deadlock that left the country grappling with a severe economic and financial crisis.

The World Bank has called Lebanon’s crisis one of the worst depressions of modern history, ranking it among the world’s three worst since the mid-1800s in terms of its effect on living standards. The country’s currency has lost more than 90% of its value since fall 2019, and more than half of the population has been rendered jobless as businesses have shut down.

The crisis has forced nearly three quarters of the country’s six million inhabitants into poverty.