Lebanon president tells UN big challenges await government, help needed

Lebanon's President Michel Aoun told the United Nations General Assembly on Friday that big challenges awaited his country's new government and asked the international community for funding to revive its crisis-stricken economy.

"We are relying on the international community to fund vital projects, whether in the public or private sector, in order to revive the economic cycle and create new job opportunities," Aoun told the gathering via a recorded video message.

Lebanon is in the throes of a financial crisis that the World Bank has called one of the deepest depressions of modern history.

After a year of political deadlock which has compounded the economic meltdown, a new government was formed this month headed by Prime Minister Najib Mikati.

"With the formation of the new government...Lebanon has entered a new phase that we seek to turn into a promising step on the road to resurgence," Aoun said.

Mikati has promised to resume talks with the International Monetary Fund (IMF) and to pursue the reforms seen as a necessary pre-requisite for foreign aid to flow in.

Lebanon's talks with the IMF broke down last summer after a financial recovery plan proposed by the previous government was resisted by many of the country's top politicians and bankers.

"Lebanon, which is stubbornly trying to pave its way towards recovery, is relying on international support to achieve its goals," Aoun said.

(Reuters)