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Lebanon’s president quits at end of term without being replaced President Michel Aoun left Lebanon’s presidential palace, marking the end of his six-year term without a replacement, leaving the nation in a political vacuum that is likely to worsen its historic economic meltdown. As Mr Aoun’s term ends, the country is being run by a caretaker government after prime minister-designate Najib Mikati failed to form a new Cabinet following 15th May parliamentary elections. Mr Aoun and his supporters warn that such a government does not have full power to run the country, saying that weeks of “constitutional chaos” lay ahead. Mr Mikati responded shortly afterward with a statement from his office saying that his government will continue to perform its duties in accordance with the constitution. Many fear that an extended power vacuum could further delay attempts to finalize a deal with the International Monetary Fund that would provide Lebanon with USD 3bn in assistance, widely seen as a key step to help the country climb out of a three-year financial crisis that has left three quarters of the population in poverty. Israel and Lebanon sign maritime border deal Lebanon and Israel have approved a maritime border deal brokered by the US, Israeli and Lebanese officials said on Thursday. The deal follows months of US-brokered talks and opens the possibility of offshore energy exploration in previously disputed waters in the eastern Mediterranean. The two parties and the US delegation will meet at the UN peacekeeping base in the southern Lebanese town of Naqoura following the signing of the deal. Lebanon and Israel will then submit their new border coordinates to the UN. The deal opens the way for offshore energy exploration, potentially helping to alleviate Lebanon's economic and energy crisis. A key point of contention in talks was control over the Karish and Qana gas fields in the eastern Mediterranean. According to the agreement signed on Thursday, Israel will be allowed to exploit the Karish field and Lebnaon the Qana field. The two countries are still officially in a state of war. They have not held direct talks for some 30 years Outgoing Lebanon leader signs amended banking secrecy law in step toward IMF reform Outgoing Lebanese President Michel Aoun on Saturday signed an amended banking secrecy bill into law, taking a step toward reforms outlined in an IMF aid package a day before he is set to leave office. The bill he signed was parliament’s second attempt at fulfilling IMF requirements for Lebanon to get access to USD 3bn in funding to relieve its economic meltdown. After Israel deal, Lebanon and Cyprus agree to move forward on maritime border talks Lebanon and Cyprus agreed Friday to move ahead with sea border talks a day after Beirut inked a maritime boundary deal with Israel that opens lucrative offshore gas fields. In 2007, Lebanon and Cyprus signed an agreement to delineate their respective exclusive economic zones, but it was never ratified by the Lebanese parliament due to the then-unresolved dispute with Israel.
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