On Monday, Lebanon’s former premier Najib Mikati, a wealthy businessman, is poised to be the country’s designated Prime Minister after winning the support of most major parties to form a new government. The development comes at a time when Beirut is facing its biggest financial crisis.

On Sunday, a club of former Lebanese Sunni prime ministers said, they endorsed Mikati candidacy, in an attempt to break Lebanon’s political deadlock.

Among Mikati’s endorsers were veteran politician Saad al-Hariri, who despite trying to form a government for nearly 10 months failed to do so, after failing to makeup with Lebanese President Michel Aoun, who is allied with the Iran-backed armed Shi’ite Muslim group Hezbollah.

According to a senior political source, the majority of Lebanon’s main parliamentary blocs are backing Mikati, who unlike many Lebanese leaders, does not hail from one of the many political dynasties but is instead one of the country’s most successful entrepreneurs.

According to the source, Hezbollah along with the Shi’ite Amal movement led by parliament speaker Nabih Berri, are expected to back Mikati later today. Aoun is also expected to designate Mikati later in the day once he ends consultations with parliamentary blocs.

The president is required to nominate the candidate with the biggest level of support among members of parliament.

Once designated Mikati will start the process of forming a new government.

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