Beirut: As the recent China-brokered Saudi-Iran deal brought a glimmer of hope to the Middle East, it cast a shadow of doubt on Lebanon, where a months-long presidential vacuum has deepened the country’s institutional paralysis and worsened an economic crisis that has festered for years.
The rivalry between Iran and Saudi Arabia has had a detrimental effect on the stability of Lebanon, a small Mediterranean country whose ruling elite has long been aligned with foreign powers to maintain influence and economic stability.
An economic crisis that hit in 2019 saw the Lebanese pound lose more than 90 percent of its value, and the ruling class – which has been widely blamed for the financial collapse – failed to check the currency’s free fall.
Meanwhile, the country has had no president and only a caretaker government since last year.
The Saudi-Iran agreement, which is set to lead to a full restoration of diplomatic ties between the two countries following a seven-year rupture, has the potential to remake the regional order. –Agencies
