Talks between the two regional rivals have gone a "good distance", says Iran’s foreign minister Hossein Amir-Abdollahian.
The new cabinet won the vote of confidence from the parliament during a session that was delayed due to a power outage, which underscores the multiple crises in the small Mediterranean nation amid an unprecedented economic meltdown.
But the militant group's opponents have warned that the move can invite US sanctions on a country that's already reeling under an economic crisis.
People in Lebanon are doubly frustrated over a political elite that has failed to investigate the Beirut port disaster and stop a devastating economic crisis.
New PM-designate Najib Mikati meets with top political parties, including Hezbollah movement and Free Patriotic Movement founded by President Michel Aoun, in attempt to form a government.
The deal comes as Lebanon, which is in the throes of an economic meltdown threatening its stability, has all but run down in foreign reserves and faces a growing shortage of fuel, medicine and other basic goods.
Lebanon is battling an economic meltdown dubbed by the World Bank as one of the deepest depressions in modern history.
Nearly 20 people wounded in clashes between protesters and security forces as economic crisis worsens with pound traded at 17,300-17,500 to US dollar on black market – a record low.
Power crisis is so acute that lights went out in a building belonging to Foreign Ministry, forcing employees to stop work, local media say.
EU’s Foreign Policy Chief Josep Borrell says the bloc may consider actions, including targeted sanctions, unless Lebanese politicians take steps to get over political stalemate that plunged the country into one of its worst economic crises.
The Lebanese pound is trading at around 15,150 to the dollar, losing around 90 percent of its worth since the start of the crisis two years ago.
The Arab country's economy will shrink by close to 10 percent in 2021, likely to rank in top 10, possibly top 3, most severe crisis episodes globally since mid-19th century, World Bank says.
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