Security, political stability key to Lebanon's economy: PM

Lebanon's Prime Minister Tammam Salam said on Tuesday that security and political stability are a must to maintain a stable economic growth, and urged to fill the long-vacant presidency.

Salam made the remarks while addressing the on-going Arab Economic Forum held in capital Beirut.

He said political stability is key to secure a favorable economic atmosphere, adding that, without a president, there would be no stability.

Lebanon has been without a president since May 25th when the term of former president Michel Suleiman ended. Since then, the parliament has failed dozens of times to elect a successor because of lack of the constitutionally required two-thirds quorum.

Ongoing disputes between the rival March 8 and 14 camps over a compromise candidate have thwarted the election.

According to the constitution, the government will be charged of running the country in case of vacuum in the presidency.

He expressed concerns that the Lebanese economy has been suffering from "an unprecedented tough situation during the past decade."

The prime minister added that "the political rift has unfortunately prohibited us from making decisions and locating important policies regarding the vital economic sector, which would have a positive impact on growth."

Salam also hailed the support Lebanon has received from the Arab world, particularly from the Gulf Cooperation Council and Saudi Arabia. Endit