BEIRUT, Nov. 21 (Xinhua) -- Lebanese President Michel Aoun on Wednesday night called for stopping "wasting time" and forming the cabinet immediately.

"Lebanon is undergoing a government formation crisis ... (which) makes us lose time irreversibly, and blocks our abilities to produce and follow up the interests and affairs of the country and the citizens, in particular to address the economic situation," Aoun said in his national address on the occasion of the 75th Independence Day.

"Lebanon does not have anymore the luxury of wasting time," he stressed.

Meanwhile, Aoun pledged to create a productive economy for Lebanon.

"It is no longer possible to ... postpone the desired reform at all levels, especially that the national economic plan has become clear and awaits schemes and decisions in the cabinet and parliament," the president said.