Synchronising Outlook.com calendars and contacts has become impossible?

[AC Question]

Microsoft has announced that the current Oulok.com app will be discontinued. You should upgrade to the new Outlook app. However, this app does not create an account on my phone and that means that my mail, contacts and calendars on Outlook.com are not available to other apps, including my phone's contact list.

Does anybody experience the same problem?
Any solutions?