Mikati was summoned to the presidential palace to assign him the formation, in the presence of Parliament Speaker Nabih Berri.
Mikati obtained 54 votes out of 128 deputies, in the consultations conducted by President Michel Aoun.
On Thursday, the Lebanese president began consultations with members of the parliamentary blocs to name a new prime minister after the parliamentary elections that took place last month.
With deep divisions among Lebanon’s ruling elite, it is widely believed that Mikati will find it difficult to form a government, causing political paralysis that could hamper reforms agreed with the International Monetary Fund to release aid.
Analysts and politicians expect the government formation process to become more complicated due to the looming conflict over who will succeed President Aoun, when his term expires on October 31.
The main task of the new government will be to continue talks with the International Monetary Fund on an economic recovery plan for Lebanon, which is going through the worst economic and financial crisis in its modern history.
The Mikati government concluded a draft IMF financing deal worth $3 billion in April, on the condition that the required reforms are implemented.
The deal is seen as a way to ease the financial crisis, but political factions remain divided over details, including over how to share the estimated $70 billion in losses in the financial system.
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