Beirut, May 21 (IANS): Lebanon needs to elect a new President quickly to restore confidence in the country and reinstate its role in the Arab world, Lebanese caretaker Prime Minister Najib Mikati said.

"We have been cut off from the Arab world over the past years, and the future President must carry out two tasks, which are to lead the internal reconciliation and to rebuild bridges with all Arab countries," Mikati added on Saturday during his interview with al-Hadath TV channel, according to a statement from the Lebanese Council of Ministers.

Lebanon's position would have been much stronger if there was a President for the republic and a government with full powers, he noted.

Lebanon has been suffering from an unprecedented financial crisis, which was further exacerbated by its strained ties with Gulf states following a series of foiled smuggling attempts from the country to the Gulf, Xinhua news agency reported.

The country has so far failed to elect a new President after the term of former President Michel Aoun ended on October 31 of last year.