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<ul><li>Foreign institutional investors are awaiting the selection of ministers on <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>'s new cabinet.</li><li>BJP's promises ahead of India's Parliamentary elections in 2019 lacked emphasis on the economy.</li><li>The opposition's attempts to draw focus on Modi's economic lapses fell on deaf ears.</li><li>Alastair Newton lists out three things that the Modi's new Cabinet of Ministers must focus on.</li></ul>Sensex, the benchmark index at the Bombay Stock Exchange, soared past 40,000 for the first time ever at the same time Narendra Modi was marching towards a historic mandate for five more years as india's Prime Minister. The markets were clearly cheering Modi's win. Foreign institutional investors bet a net of ₹1352 crore ($20 million) in one day when the BJP came back with a whopping majority, the first for any Indian party since 1984. However, they have questions. "We know so little about what BJP’s economic priorities are for the next five years," a long-time India watcher and political analyst, Alastair Newton, Co-founder &amp; Director, Alavan Business Advisory, told Business Insider. One thing that could signal the path is the impending selection of ministers in Modi's new cabinet. Newton has no doubt that Modi is the best bet to revive India's slacking economy. "Even though this government is much better placed in the upper house today than it was in 2014, structural reforms are very hard. There are always winners and losers and vested interests have to be seen for structurally reforms to be successfully carried through. I genuinely believe that Mr Modi has the mandate which can be turned into significant structural reforms, but the question is, is the will actually there to do it?" he added. Will Modi be like Reagan or Sanders? Newton's apprehension is much in line with <a href="https://www.nytimes.com/2019/05/19/opinion/india-elections-modi.html" data-type="tilCustomLink" target="_blank">the angst of Morgan Stanley's Ruchir Sharma</a>, who wrote in the New York Times this week that that India needs a free market champion some like Ronald Reagan but the people keep electing leaders who adopt socialist policies like the ones advocated by Bernie Sanders. "Although I fully accept that, in relative terms, Narendra Modi is business friendly, he is philosophically prone to statism at heart, and in some countries, he would qualify as a socialist," Newton said as he lined up three important reforms that the new government in India must initiate as soon as possible-- privatisation of state-owned companies (particularly banks), improve basic education and healthcare (especially in rural areas), and invest in building cold storage to curb the wastage of agricultural produce. " It will be a fortuitous time for privatisation of PSU banks because of the slowdown in the Indian economy. The discomfort the slowdown is going to cause can be overcome by a fiscal stimulus but the fiscal situation at this point is very tight indeed. And privatisation now, will give the government a little more revenue to play with fiscal stimulus," Newton said. In simple words, the government can use the money received from selling stake in companies to rev up the Indian economy. "I would chuck Air India, to be honest, into that as well and there are lots of other stuff as well which could be privatised," he added. According to him, while the focus will be on job creation, it is just as important to create a labour force that is educated and healthy enough to fulfill those jobs adequately. Interestingly, these three big reforms have been on Newton's wishlist since 2006. But there is hope. "What investors will continue to follow very closely is where the BJP 2.0 and Modi 2.0 is going to go on economic policy and priority. And that is going to start off with the makeup of the new cabinet when it is announced," he said. SEE ALSO: <a href="https://www.businessinsider.in/india-lok-sabha-elections-2019-counting-and-results-highlights/articleshow/69453349.cms" data-type="tilCustomLink" target="_blank">Narendra Modi has retained India's iron throne and reduced rivals to dust</a>

Foreign investors are thrilled about Modi's win but don't know what to expect from him

<div class="KonaFilter image-container float_right"><div class="image">REUTERS/Mohamed Abd El Ghany</div></div>CAIRO (Reuters) - Egyptian Prime Minister Hazem el-Beblawi said on Monday the government is to resign.
"Today the cabinet took a decision to offer its resignation to the president of the republic," Beblawi said in a televised statement. He gave no clear reason for the decision.
Beblawi was appointed after the <a class="cite">army</a> toppled president Mohamed Mursi last July following mass protests against his rule.
<a class="cite">Egypt</a>'s interim president <a class="cite">Adly Mansour</a> has asked prime minister Hazem el-Beblawi to run the government's affairs until a new prime minister is selected, the state-run <a class="cite">al-Ahram</a> news website reported on Monday.
State-run Al Ahram , citing an unnamed source, said the decision was made after a 15-minute meeting of the cabinet. Army chief Field Marshal Abdel Fattah al-Sisi, who is expected to run for president, was part of the cabinet, serving as <keyword id="6354810" type="ORGANIZATION" weightage="100" keywordseo="Defense">defense</keyword> minister.
(Reporting by Asma Alsharif and Yasmine Saleh; Writing by Michael Georgy)

Egypt's Army-Backed Government Has Resigned

Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> will review next week the implementation status of some key decisions taken by the Union Cabinet, including those taken way back in July 2014. 

	Scheduled for February 17, this will be the second such review meeting that Modi will undertake with the Council of Ministers in just about three weeks.
 

	The 27 decisions of the Cabinet and the Cabinet Committee on Economic Affairs whose implementation status would be reviewed include the amendments to the Factories Act and the Apprentices Act, which were cleared over one and a half years ago in July 2014, sources told PTI.
 

	PM Modi had chaired a similar meeting of the Council of Ministers on January 27 as well.
 Other decisions slated for implementation status review are setting up of a <keyword id="974618" type="ORGANIZATION" weightage="20" keywordseo="Credit-Guarantee-Fund">Credit Guarantee Fund</keyword> for providing guarantees to loans extended under the Pradhan Mantri Mudra Yojana, operationalisation of Budget announcement of 2015-16 on the Atal Pension Yojana, the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana. The prime minister will also check progress in the <keyword id="2473706" type="UNKNOWN" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojana">Pradhan Mantri Jan Dhan Yojana</keyword>, the <keyword id="6562839" type="UNKNOWN" weightage="20" keywordseo="Swacch-Bharat-Mission">Swacch Bharat Mission</keyword> for urban areas, the Housing for All by 2022 mission, the <keyword id="946830" type="ORGANIZATION" weightage="20" keywordseo="National-Skill-Development-Mission">National Skill Development Mission</keyword>, the National Health Mission and the Deendayal Upadhyaya Gram Jyoti Yojana. 

	Other such decisions relate to the National Ayush Mission, amendment to the Juvenile Justice (Care and Protection of Children) Bill, 2014, setting up three new All India Institute of Medical Sciences (AIIMS) at Mangalagiri, Nagpur and Kalyani and strengthening of the drug regulatory system.
 

	The decisions relating to setting up of six new IITs and IIMs, amendment to the Payment of Bonus Act, 1965, and the nationwide celebration of 125th birth anniversary of BR Ambedkar will also figure in the status review.

PM Narendra Modi to review implementation status of Cabinet decisions for the second time in 3 weeks

New Delhi, Feb 19 () The government on Wednesday approved a Rs 4,558-crore scheme to promote the dairy sector which will benefit about 95 lakh farmers. Briefing reporters about the decisions taken by the Cabinet, Information and Broadcasting Minister Prakash Javadekar said that this scheme will take the "White revolution" to the next level. He further said that the Cabinet has also decided to raise the benefit under the interest subvention scheme from 2 per cent to 2.5 per cent. Both the decisions are aimed at benefitting the farming community, the I&amp;B minister added. NKD MJH CS PRSMRMR

Govt approves Rs 4,558 cr scheme for the dairy sector: Javadekar

ReutersDominic Cummings<ul class="summary-list"><li>Boris Johnson's chief adviser Boris Johnson conducted a bizarre interview with the BBC in which he answered every question with references to the popular children's programme PJ Masks.</li><li>Asked about the upcoming Cabinet reshuffle, he replied that the cartoon crime-fighters in the programme "would do a better job" than all of Johnson's cabinet put together.</li><li>He added that "the night time is the right time to fight crime."</li><li>The prime minster will announce his new Cabinet on Thursday.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Boris Johnson's chief adviser Dominic Cummings said that the <a href="https://www.youtube.com/channel/UCY2jUnU118sVkdj2xafiJ0g">children's cartoon crime-fighters PJ Masks</a> would "do a better job" than all of the prime minister's Cabinet put together, in a bizarre interview with the BBC.Stopped outside his home by a BBC reporter on Tuesday, Cummings responded to questions about the government's decision to build a new high-speed rail line in England, by quoting the PJ Masks catchphrase "the night time is the right time to fight crime."Asked about the upcoming reshuffle of Johnson's Cabinet, he replied that the characters from PJ Masks would "do a better job" than all of the Cabinet "put together."<h2>Watch Dominic Cummings' bizarre PJ Masks interview</h2>Cummings has hit the headlines in recent weeks due to a series of ongoing spats with the UK's leading political journalists.Cummings was instrumental in controversial attempts to exclude journalists from certain news outlets from government briefings.He has also reportedly barred other government advisers from having undeclared lunches with journalists and has claimed that he has a network of spies in restaurants near the UK parliament in London.Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/google-photos-apple-icloud-iphone-storage-space-2018-12">I switched to Google Photos after using iCloud for 5 years and I'm never going back</a></h3>

Boris Johnson's chief adviser says children's cartoon crime-fighters PJ Masks 'would do a better job' than all of the Cabinet put together

New Delhi, Feb 26 () The Union Cabinet on Wednesday approved a bill to confer the status of institution of national importance to two national institutes of food technology in Haryana and Tamil Nadu. Briefing reporters about cabinet decisions, Information and Broadcasting Minister Prakash Javadekar said that the cabinet approved amendments in the National Institutes of Food Technology, Entrepreneurship &amp; Management (NIFTEM) Bill, 2019, to grant national importance status to two food technology institutes. National Institutes of Food Technology at Kundli, Haryana and Thanjavur,Tamil Nadu will be conferred the special status, the minister said, adding the move will help them collaborate with overseas food institutes and improve the standard of education. NKD CS MRMR

National importance status for 2 food institutes

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Matt Dunham - WPA Pool/Getty Images</div></div></div>The British government is setting up a special unit to lead the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s negotiations to leave the European Union, outgoing prime minister David Cameron told the House of Commons on Monday afternoon.Speaking in parliament for the first time since he announced his resignation on Friday, following the UK's vote for Brexit, Cameron said that he and his cabinet agreed on Monday morning to create a unit within Whitehall designed specifically to lead and advise the government on European Union exit talks once they commence.The unit will be created with collaboration between the cabinet office, treasury, foreign office, and several other arms of the civil service.However, Cameron said that there are no plans to trigger Article 50 - the clause that will begin the process of the UK leaving the EU - until he has left office, and a new prime minister is in place. That is expected to occur by September."The British government will not be triggering Article 50 at this stage ... this is our sovereign decision and it will be for Britain, and Britain alone, to take."Cameron also said that there is no question of voiding the result of the referendum, saying: "There can be no doubt about the result ... I am clear, and the cabinet agreed this morning, that the decision must be accepted." He continued: "Britain is leaving the European Union but we must not turn our back on Europe or the rest of the world. We have to determine the kind of relationship we want with the EU."Britain must "hold fast to a vision that wants to be respected abroad, tolerant at home, engaged in the world and working with our international partners to advance security and prosperity of the nation for generations to come," Cameron added.Before beginning his statement, Cameron joked that new MP, Rosena Allin-Khan, who was sworn in as the member for Tooting, should be prepared to take a role in Labour's shadow cabinet, <a href="http://uk.businessinsider.com/corbyn-reshuffles-shadow-cabinet-after-mass-resignations-2016-6">following the massive turmoil in the party over the past two days</a>. "I'd advise her to keep her phone on. She might be in the shadow cabinet by the end of the day," Cameron said.Notably, prominent Leave campaigner, and the favourite to be the next Conservative party leader, Boris Johnson was not present in the Commons chamber during the speech. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/george-osborne-brexit-challenges-eu-referendum-chancellor-2016-6">George Osborne outlined the 3 biggest challenges in a Brexit Britain</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J5cGhlNDE6A-4nZ-IDNTq3t286q9TA5P" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The government is setting up a special unit to deal with the UK's EU negotiations

As the <keyword id="88504" type="General" weightage="50" keywordseo="pakistan-national-assembly" source="Orion">Pakistan National Assembly</keyword> (NA) convenes on Monday to elect a new Prime Minister after PML-N President <keyword id="11977746" type="General" weightage="80" keywordseo="shehbaz-sharif" source="Orion">Shehbaz Sharif</keyword> and PTI Vice Chairman Shah Mahmood <keyword id="10124" type="General" weightage="50" keywordseo="qureshi" source="Orion">Qureshi</keyword> their nomination papers, the PTI seems divided over its erstwhile decision of masse resignations by its lawmakers. While the cabinet division de-notified 52 members of the federal cabinet, 25 federal ministers, four ministers of state, four advisers to the Prime Minister and 19 special assistants, after Sunday's historic vote of no-confidence by the joint opposition against former premier <keyword id="14676" type="General" weightage="50" keywordseo="imran-khan" source="Orion">Imran Khan</keyword>, <keyword id="17435" type="General" weightage="100" keywordseo="sharif" source="Orion">Sharif</keyword> having bright chances to make it to the top slot said the new cabinet would be formed only after consultation with all allies, reports Dawn news. As the PTI core committee remained indecisive in a meeting chaired by <keyword id="6355601" type="General" weightage="80" keywordseo="khan" source="Orion">Khan</keyword> on Sunday whether to go for en masse resignations of MNAs or not, the party chairman called the parliamentary party meeting at the Parliament House on Monday to make a final decision. Whether Qureshi will contest the election for the premiership or will resign along with other MNAs of the PTI and its allies depends on the outcome of the PTI parliamentary meeting. However, the PTI decided to give a tough time to the upcoming government through street protests if the PML-N won the contest in the parliament. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-decides-not-to-join-twitters-board-a-week-after-becoming-the-largest-shareholder-of-the-company/articleshow/90770619.cms">Elon Musk decides not to join Twitter’s board a week after becoming the largest shareholder of the company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/nasa-collaborates-with-spinlaunch-to-test-an-innovative-mass-accelerator-launch-system/articleshow/90772382.cms">NASA collaborates with SpinLAunch to test an innovative mass accelerator launch system — a slingshot to send payloads to space</a>

Shehbaz Sharif to be elected as Pakistan's new PM today amidst protests against Imran Khan's ouster

New Delhi, Jan 22 () The government on Wednesday said it has approved a model pact with foreign countries for recognition of seafarers' competency certificates.
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here.
This will pave the way for mutual recognition of maritime education and training of seafarers by the countries involved.
"The Cabinet has approved a model MoU with foreign countries for unilateral/bilateral recognition of Certificates of Competency of seafarers," a government official said. NAM BAL

Govt approves pact with foreign countries for seafarers' competency certificate

<ul class="summary-list"><li>Narendra Modi is still in power, but now his allies can start making demands of him.</li><li>These kingmakers want Cabinet positions and special funding, reports say.</li></ul>As Indian Prime Minister <a target="_blank" href="https://www.businessinsider.com/india-election-narendra-modi-gandhi-prime-minister-2024-6">Narendra Modi</a> assembles his next government, the calculus clearly differs from his past 10 years in power.Small political factions allied with his party, the Bharatiya Janata Party, have become vital to his hold on India's leadership. <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">Tuesday's election result</a> showed that <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Modi wouldn't have secured a simple majority in parliament</a> had they not joined his cause.It's a humbling moment for the BJP, which, in the past two elections, easily achieved a simple majority without the need for its allies.This year, it fell 32 seats short of the 272 parliamentary seats necessary to win. The rest of its coalition, the National Democratic Alliance, pulled Modi through with another 52 seats, meaning a desertion of several allied parties could turn the tide of the election.And don't they know it. Now increasingly dubbed the <a target="_blank" href="https://www.businessinsider.com/narendra-modi-win-bjp-india-election-explained-2024-6">kingmakers</a> by international media, these smaller factions are jockeying for important concessions such as Cabinet positions and special status for their states.<h2 id="7b023554-fe8a-4329-b81b-7f3b69a7e7cb">A new style of Cabinet for Modi</h2>Two major players here are the Telugu Desam Party and the Janata Dal (United) party, which <a target="_blank" href="https://results.eci.gov.in/PcResultGenJune2024/index.htm#">hold 16 and 12 seats</a>, respectively. Modi's alliance would have achieved only 265 seats, seven below the majority mark, without them.Both parties are known to have <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-04/here-are-the-india-kingmakers-who-will-determine-modi-s-future">switched loyalties before</a> and only joined forces with Modi in the months before the 2024 election.<a target="_blank" href="https://www.reuters.com/world/india/modis-appeal-clouded-india-election-by-prices-jobs-graft-survey-says-2024-06-06/">Reuters</a> reported on Thursday, citing two anonymous sources, that the Telugu Desam Party was seeking federal funds to complete irrigation projects in the state of Andhra Pradesh and construction for its capital.<a target="_blank" href="https://www.theguardian.com/world/article/2024/jun/06/narendra-modi-first-coalition-test-allied-parties-cabinet-seats">The Guardian</a>'s South Asia correspondent, Hannah Ellis-Petersen, reported that the party was apparently demanding five Cabinet positions and the position of parliamentary speaker.She added that meanwhile, Janata Dal (United) was said to be asking for three Cabinet seats.That would drastically change Modi's government's composition, which had <a target="_blank" href="https://affiliate.insider.com?h=47998c0896f9965203ac71fcbb0ab823a8860df9115e90130acf1dfd4b28c43a&amp;postID=66627454e01a10ede1c1dc60&amp;postSlug=narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fwww.scribd.com%2Fdocument%2F514676878%2FMinisters-Portfolio">all Cabinet positions filled by BJP members</a>.The local outlet <a target="_blank" href="https://www.newindianexpress.com/nation/2024/Jun/07/many-ministers-of-modi-20-likely-to-be-dropped-this-time">The New Indian Express</a> reported on Friday that the BJP was already considering dropping some of its previous Cabinet ministers, particularly out of a pool of 19 who lost big in their elections this year.There are about 50 portfolios to be filled, but ministers often take multiple positions or share responsibilities, meaning a typical Cabinet is just below 30 members.<h2 id="e1cd1243-7951-4735-83cd-b79f3276b132">An uncertain road ahead for the BJP</h2>Still, Ellis-Petersen reported that the BJP appeared to have set boundaries on what could be demanded:Modi has so far secured the assent of his allies, who collectively declared this week that they would <a target="_blank" href="https://www.barrons.com/news/modi-led-alliance-agrees-to-form-next-india-government-statement-78b66664?refsec=topics_afp-news">form a new government</a> under him.Yet the haggling for loyalties is new territory for Modi's leadership, potentially marking a new era in how decisively he can project his vision over the country.He didn't have long to negotiate, either. Modi has already tendered his resignation to India's president and is expected to be <a target="_blank" href="https://www.straitstimes.com/asia/south-asia/india-s-modi-moves-quickly-to-secure-coalition-support-to-form-new-government">sworn in for his third term</a> over the weekend.The prime minister has campaigned heavily on <a target="_blank" href="https://apnews.com/article/modi-india-election-economy-inequality-b243400ef1312bd1c71a0ae3ebb0481e">India's rising status in the global economy</a> and promised to turn the country into the world's manufacturing hub. He'd boldly projected for the BJP to win 350 seats, with his coalition earning about 400 this year.With his election victory far less decisive than expected, the Indian stock market posted its <a target="_blank" href="https://markets.businessinsider.com/news/etf/indian-stocks-tumble-the-most-since-march-2020-with-modi-s-party-set-to-lose-majority-1033450216">worst day in four years</a>.One of the major concerns from voters has been a <a target="_blank" href="https://www.businessinsider.com/modi-india-election-economy-russia-oil-wealth-dimon-cook-musk-2024-5">surge in joblessness</a>, particularly among young Indian graduates. India's unemployment rate was 8.1% in April, up from 7.4% in March, according to the <a target="_blank" href="https://cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=20240502160006&amp;msec=476">Centre for Monitoring Indian Economy</a>.

It's been 3 days since Modi won, and we're already seeing what it's costing him 

New Delhi, Nov 20 () The Union Cabinet on Wednesday approved a bill to replace an ordinance promulgated to reduce corporate tax to 22 per cent to boost the economy.
 After the Cabinet meeting here, Finance Minister Nirmala Sitharaman said decision has been taken to bring the bill to replace the ordinance.
 The bill is likely to be introduced in Parliament during the ongoing Winter Session, sources said.
 On September 20, Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures would be Rs 1.45 lakh crore annually.
 Following the decision, the corporate tax rate has come down to 22 per cent for domestic companies if they do not avail any incentive or concession.
 Also, companies opting for 22 per cent income tax slab would not have to pay minimum alternative tax (MAT).
 The tax rate has been reduced to 15 per cent for new domestic manufacturing companies incorporated after October 1.
 The government had also announced not to levy enhanced surcharge introduced in the Budget on capital gains arising from sale of equity shares in a company liable for securities transaction tax (STT).
 Besides, the government had decided that listed companies which have announced buyback of shares prior to July 5 will not be charged with super-rich tax. DP NKD CS ABM

Cabinet clears bill to replace ordinance on corporate tax reduction

The <keyword id="6354915" type="LOCATION" weightage="20" keywordseo="assam">Assam</keyword> Cabinet on Monday decided that no <keyword id="6362949" type="UNKNOWN" weightage="20" keywordseo="government-jobs">government jobs</keyword> will be given to persons having more than two children after January 1, 2021. The important decision was taken at a Cabinet meeting held late Monday evening that also adopted a New Land Policy, which will give three bighas of agricultural land to landless indegenous people and half a bigha for constructing a house. A communique from the Chief Minister <keyword id="545729" type="PERSON" weightage="20" keywordseo="Sarbananda-Sonowal">Sarbananda Sonowal</keyword>'s public relations cell stated that those having more than two children will not be considered for government jobs with effect from January 1, 2021 as per the small family norm. In September 2017, the Assam Assembly had passed the 'Population and Women Empowerment Policy of Assam' that specified that job candidates with two children only would be eligible for government employment and the existing government staff were to strictly follow the two children family norm. "New Land Policy was adopted. Three bighas of land will be given to landless indigenous people. Landless people will be offered half a bigha to construct their houses. These cannot be sold for 15 years," the CMO statement said. The Cabinet meeting also decided to increase the bus fares in the state by 25 per cent, it added. TR RHL

No government jobs for Assamese people with more than two kids, the state declares

<ul class="summary-list"><li><keyword id="30174" type="COUNTRY" weightage="60" keywordseo="Lebanon">Lebanon</keyword> is struggling to create a new government to replace Prime Minister Hassan Diab and his cabinet, who resigned on Monday following the Beirut explosion. </li><li>President Michel Aoun has now asked Prime Minister Hassan Diab and his cabinet to stay in office until a new cabinet is formed, <a href="https://www.wsj.com/articles/lebanon-seeks-to-fill-power-vacuum-amid-worst-crisis-in-decades-11597148810?mod=hp_listb_pos1">The Wall Street Journal</a> reported. </li><li>A new government could take months to form.</li><li>Last week, at least 150 people were killed and 5,000 more were wounded after a massive explosion at the Port of Beirut. </li><li>The country is also going through its worst economic collapse in decades. </li></ul>After Lebanon's cabinet resigned on Monday following last week's explosion in Beirut, President Michel Aoun has now asked Prime Minister Hassan Diab and his cabinet to stay in office until a new cabinet is formed, <a href="https://www.wsj.com/articles/lebanon-seeks-to-fill-power-vacuum-amid-worst-crisis-in-decades-11597148810?mod=hp_listb_pos1">The Wall Street Journal</a> reported. Aoun said Diab's cabinet would have limited powers during the transition period, but the decision to keep the former cabinet in place came after there was no agreement on who should replace Diab. "We're in a free fall, into the abyss frankly," Maha Yahya, director of the Carnegie Middle East Center in Beirut told The Journal. "If we don't get a government in place quickly and they begin to provide some sort of a road map for getting out of this abyss, the only way is down."At least 150 people were killed and 5,000 more were wounded after a massive explosion at the Port of Beirut last week. Business Insider <a href="https://www.businessinsider.com/videos-capture-massive-explosion-that-rocked-lebanons-beirut-2020-8">previously reported</a> that Diab said the blast was caused after more than 2,750 metric tons of ammonium nitrate that were stored at a warehouse were ignited. Protesters have been demanding that the entire country's political elite step down amid claims of corruption and mismanagement. "Everyone responsible for this disaster should be punished, not only this government. They ruled the country for only nine months. How can we blame them?" Hassan Hammoud, a 45-year-old restaurant owner told the Journal. "It's the whole regime, the whole system."The country was nearing towards a famine prior to the explosion with the worst economic crisis in decades and the coronavirus pandemic, Business Insider <a href="https://www.businessinsider.com/massive-economic-crisis-and-coronavirus-push-lebanon-towards-famine-2020-7?utmSource=twitter&amp;utmContent=referral&amp;utmTerm=topbar&amp;referrer=twitterrrer=twitter">previously reported.</a>The Lebanese pound has continued to lose its value since initial protests began in October 2019. Many residents lost their jobs as the price of food and basic goods continued to rise. The Journal reported that the country's different religious and political groups would have to agree on a newly formed government, which in past negotiations has taken months. Any new government would have to handle the economic crisis that is poised to leave as much as 75% of the country in poverty, according to the World Bank, the coronavirus pandemic which is overwhelming the country's healthcare system, as well as the aftermath of the explosion.

You Searched For "new cabinet decision" and got 13 results

Foreign investors are thrilled about Modi's win but don't know what to expect from him

Sriram Iyer

Egypt's Army-Backed Government Has Resigned

Reuters

PM Narendra Modi to review implementation status of Cabinet decisions for the second time in 3 weeks

BI India Bureau

Govt approves Rs 4,558 cr scheme for the dairy sector: Javadekar

PTI

Boris Johnson's chief adviser says children's cartoon crime-fighters PJ Masks 'would do a better job' than all of the Cabinet put together

Adam Bienkov

National importance status for 2 food institutes

PTI

The government is setting up a special unit to deal with the UK's EU negotiations

Will Martin

Shehbaz Sharif to be elected as Pakistan's new PM today amidst protests against Imran Khan's ouster

IANS

Govt approves pact with foreign countries for seafarers' competency certificate

PTI

It's been 3 days since Modi won, and we're already seeing what it's costing him

Matthew Loh

Cabinet clears bill to replace ordinance on corporate tax reduction

PTI

No government jobs for Assamese people with more than two kids, the state declares

PTI

'We're in a free fall, into the abyss frankly,' Lebanon struggles to find new political leadership after cabinet resigns following Beirut explosion

Sarah Al-Arshani

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