Lebanon’s lawmakers elected army commander Joseph Aoun as the country’s first president in more than two years, choosing a US-backed candidate, in a sign of Iran’s waning influence in the region.
More than two-thirds of politicians voted for Aoun to begin a six-year term, clearing a hurdle that had not been overcome in several recent failed attempts. His victory ends a long power vacuum and represents Beirut’s shift toward the West, with the Tehran-backed Hezbollah militant group weakened by last year’s grueling conflict with Israel.
Lebanon’s dollar bonds, which the government defaulted on in 2020, have extended their big rally in recent weeks as investors welcomed the sign of stability in the crisis-hit nation.
Aoun, who turns 61 on Friday, has led the army since 2017 and will be responsible for the difficult task of maintaining a fragile truce between Israel and Hezbollah while working on reforms to resolve a crippling economic crisis. First, he must appoint a prime minister to help shape the nation’s future after years of crisis and isolation, characterized by the default on more than $30 billion in Eurobonds five years ago.
These bonds traded at the highest level since October 2021 on Thursday, posting some of the biggest gains among emerging market peers, although they are still far from healthy territory. The country’s debt has provided investors with a return of around 16% since the start of 2025, the best in the asset class, following a 114% rally last year.
“By securing Lebanon’s borders and restoring trust in public institutions, Lebanon can be put on the path to recovery with the help of supportive countries like Saudi Arabia,” said Najat Aoun Saliba, an independent member of parliament.
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After being sworn in, Aoun promised to strengthen Lebanon’s rule of law and security, stating that only the state should bear arms — a reference to Hezbollah’s military powers. He also said he would work to secure Lebanon’s borders and focus on reconstruction and the economy.
“We are experiencing a crisis of governance and rulers,” Aoun said, urging lawmakers to work closely with him on the difficult tasks ahead.
Israel severely weakened Hezbollah during an intense land and air offensive that lasted more than two months, killing the U.S.-designated terrorist group’s longtime leader, Hassan Nasrallah, and depleting its weapons stockpile. This limited the ability of the organization, which is also a political party that exercises significant influence in parliament, to sabotage the electoral process.
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Aoun failed to win in the first round of votes without the support of Hezbollah and its allies, although the group eventually expressed support for the “national consensus” and voted in favor of the new president.
Israeli Foreign Minister Gideon Sa’ar welcomed Aoun’s victory, saying he hoped it would lead to “good neighborly relations” between the two countries that do not formally recognize each other.
Support from the US and Saudi Arabia
Aoun, the fourth consecutive military man to hold the presidency, had the support of Washington, in part due to his support for the Lebanese armed forces. Amos Hochstein, one of President Joe Biden’s top Middle East envoys, was in Beirut this week. Other visitors included a delegation from Saudi Arabia, which also supported Aoun’s candidacy.
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Optimism is running high across Lebanon as Aoun’s election suggests a return to the Arab and international fold. Fouad Makhzoumi, a lawmaker seeking the prime ministership, expects Saudi Arabia to strongly support a reformist government.
“We will see an opening just like it was in the 90s,” he said, referring to a period marked by huge Saudi aid to Lebanon.
Aoun will succeed Michel Aoun, who resigned as president in 2022. They are not related.
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Lebanese lawmakers in the past have repeatedly blocked reforms required by the International Monetary Fund to unlock billions of dollars in aid. These reforms include the repeal of a bank secrecy law and the implementation of a comprehensive audit of the financial system.
“It all comes down to the political disposition of political elites,” said Sumru Altug, an associate at the Beirut-based Issam Fares Institute for Public Policy and International Affairs. “Do they think they can drag on for a few more years after electing a president, or are they ready to implement reforms in the financial sector” and “dismantle the cartels that allow them access to all aspects of the Lebanese economy?”
