BEIRUT, 23 March, 2021 (TON): Lebanese President Michel Aoun and Prime Minister-designate Saad Hariri remained unsuccessful in reaching a consensus on cabinet formation in their 18^th meeting.

The media reported, following a meeting between Aoun and Hariri on Monday, the Lebanese pound fell to 14,000 against the US dollar from 11,500 earlier in the day.

He added that he had rejected the President's proposal of the cabinet line-up on the grounds that it was unconstitutional for a president to form a government.

Monday’s meeting between Aoun and Hariri on the cabinet formation had stalled since last October over disagreements on the number of ministers, distribution of portfolios and veto power.

Hariri, who was assigned to form a new cabinet in October 2020, has repeatedly said he will only form a cabinet of 18 specialists in line with the French initiative, with no veto power granted to any party.

However, the outcome of the meeting between the two officials has likely to raise concerns about further instability and a total economic and financial collapse in the country.