Lebanese parliament speaker Nabih Berri will call for a session to elect a new president on September 29, despite no political consensus on a candidate and dim chances of a successful vote.

President Michel Aoun's six-year term ends on October 31, and politicians have voiced concern about no successor being found - warning of even greater institutional deadlock given that Lebanon has also been without a fully functioning government since May.

The session will be held at 11 a.m. on Thursday, the state-run National News Agency reported.

The votes of two-thirds of lawmakers in the 128-member legislature are required for a candidate to be successful in the first round of voting, after which a simple majority suffices.

Aoun came to power after a 29-month presidential vacuum in which parliament was unable to agree on electing a president.

The stalemate ended with a series of deals that secured victory for Aoun and his powerful Iran-backed ally Hezbollah, which still holds a lot of power within the sectarian division in Lebanon.

Aoun is limited to one term, and major political parties have not announced any agreement on his successor, although many blame the militant group and Iran for the country's problems.

Lebanon has been in economic turmoil since 2019, when its banking system and the government went bankrupt, and citizens lost their foreign currency deposits. The national currency has lost most of its value and many middle-class people struggle for a living.