BlackRock manager is Lebanon economy minister
BEIRUT: Emerging out of a devastating war between inhouse militant group Hezbollah and neighbouring nation Israel, Lebanon formed a new government on Saturday, following an unusually direct US intervention in the process.
New PM Nawaf Salam said the 24-member cabinet would prioritise financial reforms, reconstruction and the implementation of a UN resolution seen as a cornerstone to stability on the border with Israel.
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BlackRock money manager Amer Bisat is appointed as the new economy minister, making him a key figure that will attempt to pull the country out of one of the world’s worst financial crises. Bisat, head of emerging-markets fixed income at the US investment firm, will be among the team tasked with preparing a recovery plan to unlock a stalled $3 billion IMF package.
The announcement came after over three weeks of talks with rival parties in Lebanon, where govt posts are parcelled out according to sect.
