Despite reassurances made by Lebanon’s Central Bank Governor Riad Salameh and Finance Minister Ali Hassan Khalil, Lebanese political parties are conscious that economic and financial threats require the rapid formation of the government. President of the General Confederation of Lebanese Workers Beshara Asmar on Sunday described the economic situation in the country as “extremely difficult.” “The situation can no longer await any delay in the government formation process,” he told Asharq Al-Awsat. He warned Lebanese political parties against forming a government that serves their own interests and based on sharing portfolios. “Such a government would have the worst repercussions on the economic situation than not forming a cabinet at all,” Asmar explained. He added that the disputes among political parties concerning the ministerial shares are not reassuring. “Parties are busy dividing the cake among themselves rather than bringing the right persons in the right positions,” Asmar said, adding that the country suffers from recession, particularly after public debt reached record levels, which is very alarming. Lebanon’s debt to GDP ratio is the third largest in the world. The electricity sector has been identified as Lebanons main cause of drain on the budget. MP Nicolas Nahhas, a former economy minister, told Asharq Al-Awsat on Sunday that the “priority in Lebanon should be on restoring confidence in the country, a move that requires serious pledges for economic reforms by the new government.” It’s time for change, he said. “We have no other choice.” Nahhas said the economic and financial situation in the country are in a very delicate phase. But, unfortunately, politicians are not aware of the dangers and are don’t have the urge to speed up the solutions to such problems.