Lebanese President Michel Aoun has so far failed in starting consultations with MPs for the appointment of a new prime minister capable of assuming full responsibilities to save the country from further economic and financial collapse.

The new government will be responsible for restoring the confidence in the country, which has witnessed a drop in cash injections by Lebanese expatriates and the outflow of deposits from Lebanon.

The decline in cash injections and outflow of deposits led to a drop in central bank's foreign currency reserves, which prompted Banque Du Liban to restrict its spending of U.S. dollar currency.

As a result, Lebanese flocked to the banks to withdraw their money and store them in houses out of fear of losing their money since banks hold most of the government's public debt.

Moreover, Standard & Poor's international rating agency Thursday joined Moody's and Fitch in downgrading some Lebanese banks.

Economists emphasized the need for a new government with a clear and proper plan to save Lebanon.

"We do not have the luxury of time," economist Walid Abou Sleiman said, adding that Lebanon has lost 3 billion U.S. dollars during the past month due to the country's paralysis caused by protests and the drop in business activities.

"We need a government that would restore confidence in the country," he said.

Ghobril reiterated Abou Sleiman's comments by saying that Lebanon is currently incurring an opportunity cost.

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