Beirut, May 21 (IANS): The International Support Group for Lebanon (ISG) has urged the swift formation of a new government in Lebanon to implement "the extremely important outstanding reforms" and continue to work with the International Monetary Fund.

Lebanon needs a new government to implement "the prior actions Lebanon committed to in its April 7 staff-level agreement in order to lay a solid basis for socio-economic relief and a sustainable recovery of Lebanon," the ISG said on Friday in a statement.

The group added that it looks forward to the inauguration of the new parliament and urges it to capitalise on the hope and faith the people have invested in it at the ballot box, Xinhua news agency reported.

"Now is the time to move boldly forward to pass the legislation needed to stabilise the economy, improve governance, and enact the reforms Lebanon and its people so urgently need to help them get back on their feet," it said.

The final results of Lebanon's parliamentary elections were announced on Tuesday.

According to Lebanese laws, with a new parliament in place, the incumbent government has become a caretaker until the new parliament speaker, together with the country's President, nominates a Prime Minister who will form the new government.

The ISG looks forward to working with the new government over Lebanon's international commitments, the statement added.

The ISG was created in 2013 by the UN and Lebanon to help mobilise support and assistance for Lebanon's stability, sovereignty and state institutions.

China, Britain, France, Germany, Italy, Russia, and the US, along with the European Union and the Arab League, have participated in the ISG operation.