BEIRUT:  Lebanese interim Prime Minister Najib Mikati has urged all political parties to move quickly to name a new prime minister who can create a new government capable of dealing with the country's deep crisis.

Lebanon does not have the luxury of time to handle its challenges, he said at the event, adding any delay in tackling the country's crises will cost the Lebanese more in the future,as per reports.

Mikati stated that he had no reservations about being named Prime Minister  to establish a new cabinet since "he has never hesitated to assume responsibility and serve the country, especially in critical and dangerous phases." With the start of the newly elected Parliament's term on May 22, the caretaker government was declared to have resigned.

Following negotiations with the President, members of the new Parliament will select a Sunni candidate for prime minister. The appointment of a new Prime Minister-designate comes at a difficult moment for Lebanon, which is battling a severe financial crisis.

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