BEIRUT, Jan. 22 (Xinhua) -- Lebanese President Michel Aoun urged the new cabinet to start dealing with economic and financial crises, the Presidency said in a statement on Wednesday.

"The cabinet has been formed amid very tough economic circumstances which require extra efforts to restore the confidence of the Lebanese and the international community," Aoun said during the first meeting of the cabinet.

"We have to reassure the Lebanese about their future," he said. "The coming days will witness several cabinet meetings to achieve our goals."

Lebanon's Prime Minister Hassan Diab announced on Tuesday the formation of a new cabinet of 20 ministers.

The new cabinet faces the challenge of implementing reforms necessary to save the economy in addition to fighting against corruption and providing citizens with basic services.