Former French foreign minister Jean-Yves Le Drian arrived in Beirut on Tuesday for the first time in six months, marking his latest bid to resolve Lebanon's presidential vacuum.
Mr Le Drian, special envoy of President Emmanuel Macron, will hold meetings with the leaders of Lebanon's main political parties, a Lebanese political official said.
Lebanon has been without a president since October 2022. Legislators in Lebanon's deeply divided parliament – where no faction holds a majority – have repeatedly failed to agree on a successor to Michel Aoun.
The vacancy comes at a critical time as Lebanese militant group and political party Hezbollah trades daily blows with Israel in southern Lebanon.
In Lebanon's most recent presidential election session last June, votes were largely split between Jihad Azour and Suleiman Frangieh, although neither was able to gain enough support to win.
When Mr Le Drian visited in November he had, for the first time, called for a third way and accepted that the two main candidates from the June session were not able to garner enough support.
Hezbollah has refused to back down from its support for Marada leader Mr Frangieh, a close friend of Syrian President Bashar Al Assad.
France is part of the so-called quintet for Lebanon, which also includes Saudi Arabia, Egypt, Qatar and the US. They have repeatedly urged MPs to elect a new president.
Mr Le Drian was appointed last June to the role of President Emmanuel Macron's envoy to Lebanon.
After his visit in November, the French Foreign Ministry said MPs “having been elected by the Lebanese people, they are responsible for the urgent election of a president. The stability of the country’s institutions must be a top priority”.
In Lebanon's unique confessional system, the role of president is reserved for a Maronite Christian, the prime minister a Sunni, and the speaker of parliament must be Shiite.
While without a president, state authority lies in the hands of the Prime Minister and his cabinet, Najib Mikati's Council of Ministers is in a caretaker status and thus severely stripped of its powers.
Meanwhile, Lebanon is suffering from one of the worst economic crises in modern history according to the World Bank. Electricity continues to be at a shortage, as does clean water and medicines.
The economic collapse has seen the local currency collapse by about 98 per cent to the US dollar on the parallel market, the most used exchange rate.
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Countries offering golden visas
UK Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Listen to Extra Time
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11 What time: Each day’s play is scheduled to start at 2pm UAE time. TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
