DUBAI: Wracked by economic crisis and the recent conflict between Israel and the Iran-backed Hezbollah militia, Lebanon faces a historic opportunity this week to break its political paralysis and elect a new president.

There are many contenders for the coveted role, but whoever is chosen by members of the Lebanese Parliament to form the next government will have important implications for the nation’s recovery and trajectory.

If Thursday’s election is successful, it could end the debilitating power vacuum that has prevailed since Michel Aoun’s presidential term ended in October 2022, leaving governance in Lebanon in limbo.

Settling on a candidate is now more urgent than ever, as Lebanon faces mounting pressure to stabilize its political and economic landscape ahead of the impending expiration of the ceasefire deal between Israel and Hezbollah.

None of Lebanon’s major parliamentary blocs have officially announced a presidential candidate, but several potential contenders have emerged.

One possible candidate is General Joseph Aoun, commander of the Lebanese Armed Forces, who local media have tipped as the most likely winner.

Widely regarded as politically neutral, Aoun’s military experience and perceived impartiality could bring stability and credibility, both domestically and internationally.

His success would hinge on building a capable Cabinet with a comprehensive plan to stabilize the country’s governance, economic recovery and security, as well as lead postwar reconstruction efforts and the return of those displaced.

Balancing the demilitarization of Hezbollah and the withdrawal of Israeli forces from southern territories in accordance with the UN Resolution 1701 would also require delicate maneuvering.

However, his candidacy faces legal hurdles due to a constitutional requirement that two years must pass between his military role and the presidency.

Another potential contender is Samir Geagea, head of the Lebanese Forces. As a vocal Hezbollah critic with significant support among some Christian communities, Geagea could appeal to anti-Hezbollah factions.

His extensive political experience and advocacy for reform could help him to prioritize state-building, which many Lebanese see as crucial for the country’s future. His anti-Hezbollah stance could also restructure Lebanon’s stance in regional conflicts and international relations.

However, his polarizing history from Lebanon’s civil war could prove to be a barrier to national unity, raising fears that his candidacy could deepen divisions in Lebanon’s already fragmented political system.

Suleiman Frangieh, head of the pro-Hezbollah Marada movement, is another possibility, but risks alienating Christian communities and international allies.

Hailing from a prominent political dynasty, Frangieh is the grandson of a former president and has himself held various governmental and parliamentary roles. However, being a close ally of Hezbollah and the former Assad regime in Syria makes him a polarizing figure.

Finally, Jihad Azour, a former finance minister and International Monetary Fund official, represents a technocratic option with broad political appeal.

He enjoys support from key factions, including the Lebanese Forces, the Progressive Socialist Party led by Walid Jumblatt, several Sunni MPs, influential Maronite religious figures and opposition groups.

Azour’s economic expertise could help to address Lebanon’s financial crisis, but some among the opposition view him as a continuation of past administrations.

Securing the presidency in Lebanon requires broad-based political consensus — a challenge in its deeply divided Parliament. Any major faction can block a nomination that does not align with its agenda.

Under Lebanon’s constitution, presidential elections require a two-thirds majority in the first round of parliamentary voting (86 out of 128 members) and a simple majority of 65 votes in subsequent rounds.

The Lebanese president’s powers, as defined by the constitution, reflect a blend of ceremonial and executive functions within a confessional system of governance that allocates political roles based on religious representation.

The president’s powers are limited by those of the prime minister, the council of ministers and Parliament, reflecting Lebanon’s sectarian power-sharing system established by the 1943 National Pact and reaffirmed by the 1989 Taif Agreement.

Lebanese presidents are traditionally drawn from the Maronite Christian community, as stipulated by the confessional system. This role is critical in maintaining the delicate political balance in the country.

Thursday’s election comes at a turbulent moment for Lebanon and its neighbors, which could impact the vote’s outcome.

Hezbollah has long dominated Lebanon’s political landscape, parliamentary dynamics and government composition. However, its devastating war with Israel, which began in October 2023 and ended with a fragile ceasefire in November 2024, gutted its leadership and depleted much of its public support.

Hezbollah’s failure to deter Israel’s war in Gaza or mount a sufficient defense against Israeli air and ground attacks in southern and eastern Lebanon has raised doubts about its remaining political influence in steering the selection of a presidential candidate.

The election also follows the sudden downfall of Bashar Assad’s regime in Syria, toppled by armed opposition groups after a 13-year civil war. This shift has profoundly impacted Syria’s relationship with Hezbollah and other factions in Lebanon.

Syria’s influence on Lebanon historically included backing Maronite militias, interfering in political decisions, maintaining a 29-year military occupation and facilitating the flow of weapons from Iran to Hezbollah.

The change of power in Damascus adds uncertainty to Lebanon’s already fragile situation.

Regardless of these regional shifts, Lebanon’s next president will face the daunting task of guiding the country out of its economic mire while leading postwar reconstruction efforts.

Lebanon’s economic situation remains dire, with its financial collapse in 2019 described by the World Bank as one of the worst in modern history.

The Lebanese pound has lost more than 98 percent of its value against the US dollar on the black market, leading to hyperinflation and eroding the purchasing power of citizens.

Public services, including electricity, health care and water supply, have nearly collapsed, and unemployment has soared. More than 80 percent of the population now lives below the poverty line, according to the UN.

Efforts to secure international aid, including talks with the IMF, have stalled due to political gridlock and resistance to reforms. The new president will need regional and international standing to rally support for Lebanon’s recovery.

Whoever secures the presidency will face a formidable task in addressing Lebanon’s economic, political and social challenges. The alternative is continued paralysis, with devastating consequences for the country’s future.