Lebanon’s militant Hezbollah group and its allies appear to have suffered losses in this weekend’s parliamentary elections.
s, with preliminary results Monday showing some vocal opponents picking up more seats and several traditional partners routed out of the legislature.led by Samir Geagea, overtaking the Free Patriotic Movement founded by President Michel Aoun as the largest Christian bloc in Parliament. The Lebanese Forces is a strong critic of Iran-backed Hezbollah and has received funding from Saudi Arabia, Iran's regional foe.
With two main blocs — Hezbollah and the Lebanese Forces — opposed to each other, analysts said the results could be more paralysis. Mikati was apparently referring to consultations that are expected to begin soon to name a new prime minister whose government’s main mission will be to negotiate with the International Monetary Fund to work on getting Lebanon out of its paralyzing economic crisis. The legislature will have to draft new laws related to the economic crisis, such as a capital controls law.
“Personally, I am not optimistic about these elections, and I do not think that the U.S. administration should bet on these elections,” said former U.S. Assistant Secretary of State for Near Eastern Affairs David Schenker last week. In a sign of the enormous difficulties lying ahead, the value of the Lebanese pound dropped by 3% on Monday, reaching 28,300 to the U.S. dollar. The Lebanese currency was pegged at 1,500 pounds to the dollar for 22 years until decades of corruption and mismanagement led to the country’s worst economic crisis in its modern history starting in October 2019.
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