BEIRUT: After more than two years of political deadlock, Lebanon's parliament is set to hold a much-anticipated vote on Thursday to elect a new president. The election is seen as a crucial step in helping the war-torn country recover from its ongoing financial crisis.

Lebanon has been in a state of political vacuum since October 2022, following the conclusion of Michel Aoun's presidential term. Despite 12 failed attempts to elect a successor, this latest vote may finally result in a new head of state.

The leading candidate is Joseph Aoun, the Lebanese army commander, who is not related to the former president. He is widely supported by both the United States and Saudi Arabia, both of which have played a key role in Lebanon's recovery efforts, particularly following the 14-month conflict between Israel and Hezbollah.

Hezbollah, on the other hand, had backed another candidate, Suleiman Frangieh, a leader of a small Christian party with strong ties to former Syrian President Bashar al-Assad. However, in the aftermath of the war, Joseph Aoun, 60, has emerged as the frontrunner. Analysts believe he could be the right leader to help enforce a truce in southern Lebanon, an area still impacted by tensions.

Lebanon's political landscape remains deeply divided, and past attempts to elect a president have failed due to disagreements between pro- and anti-Hezbollah factions. The country is still reeling from the effects of the war with Hezbollah, which caused significant losses, including the death of its longtime leader, Hassan Nasrallah. In addition, Hezbollah lost a key ally in Syria following the recent ousting of President Bashar al-Assad by rebels.

With a ceasefire in place since November 2024, Lebanon's parliament will attempt its 13th presidential election at 11:00 am local time on Thursday (0900 GMT). International pressure has been mounting, with representatives from France, the United States, and Saudi Arabia all urging Lebanese lawmakers to move forward with the election.

Under Lebanon’s unique power-sharing system, the president must be a Maronite Christian. Joseph Aoun needs a two-thirds majority of 86 out of 128 lawmakers to be elected. If no candidate achieves this, a second round of voting will take place, requiring only a simple majority of 65 votes to win.

However, a constitutional amendment is needed for Joseph Aoun to assume the presidency, as current rules prohibit individuals who have held high office in the past two years from taking the role. If elected, Aoun would become Lebanon's fifth army commander to serve as president and the fourth in a row, as military leaders are traditionally Maronites in the country.

The new president will face immense challenges, including overseeing a fragile truce along the Israeli border, rebuilding areas damaged by the war, and forming a new government capable of implementing essential reforms. These reforms are vital for Lebanon to secure international financial aid and address the worst economic crisis in its history. The Hezbollah-Israel war alone has cost Lebanon over $5 billion in economic losses, with billions more in structural damages, according to the World Bank.