BEIRUT — Lebanon’s President Michel Aoun affirmed on Tuesday that he is working to form a new fully authorized Cabinet, which will be in charge of the president’s powers, in case of presidency vacancy after Oct. 31.

Aoun during receiving the ambassadors of the European Union (EU) in Baabda Palace Tuesday stressed on the importance of offering the country the political and sovereignty reforms it requires, as well as infrastructural changes in its system, which is in dire need for boosting and reforming, the Lebanese presidency added.

Lebanon is affected by the war in Syria that led to the closure of all paths to the Arab world, which is the vital supply to the country’s economy, as well as the economic financial crisis of 2018, which led the country to this unprecedented financial status, Aoun added.

The EU Ambassador to Lebanon Ralf Tarraf, who headed the European Ambassadors delegation to the country, expressed his severe concern regarding the ongoing status in Lebanon, calling on all parties to reach a political agreement to resolve all the problems and implement all the reforms by following up brave and strict measures.

The decisions taken are not enough, and that are only reflecting the expectations of the Gross domestic product (GDP) and general debt, he said.

The severe drop in the Lebanese currency due to extraordinary inflation and loss of purchasing capacity for most of the citizens, and the decreasing ability of companies to follow up their work normally are also indications of the poor decision makers’ policy, he added.

He stressed the importance of offering care to rebuild the economic, financial and monetary domains in Lebanon as a first step to put the economy on the right track again.

The International Monetary Fund has sufficient experience and proper tools to reconstruct the country’s economy, Tarraf affirmed. He renewed EU and its members’ support to Lebanon in their critical period, full of challenges throughout a proposed program of IMF, expressing hope to implement the required reforms.

Aoun, meanwhile, had said Monday that the border demarcation talks with Israel over Lebanon’s southern borders are in their final stages. Aoun met with UN Special Coordinator in Lebanon, Joanna Wronecka, in the Baabda Palace.

He said the ongoing talks are about technical details related to the demarcation process “to guarantee Lebanon’s rights to explore for gas and oil in the specified fields in the exclusive economic zone,” the Lebanese Presidency said in a statement.

Aoun said communication with US mediator Amos Hochstein is ongoing to address the technical details of the demarcation process. He voiced hope that the exploration for oil and fuel “would contribute to the revival of the Lebanese economy”, which is witnessing severe deterioration.

Last week, Israeli public broadcaster KAN said, citing an Israeli official, that Tel Aviv has “especially cautious optimism” that a deal can be reached with Lebanon on their disputed maritime border.

Lebanon and Israel are locked in a dispute over a maritime area of 860 square kilometers (332 square miles), according to maps sent by both countries to the UN in 2011.

The area is rich in natural gas and oil. Starting in 2020, five sessions of indirect negotiations have been held on the issue under UN sponsorship and US mediation, with the latest round held in May 2021. — Agencies