Embattled Prime Minister Saad Hariri on Monday announced sweeping reforms in a bid to appease hundreds of thousands of protesters who have taken over Lebanon’s streets since Thursday in the country’s biggest demos ever.

“I did not ask for the three-day grace period from the people but rather from my partners in the government,” Hariri said in an address to the nation, referring to an ultimatum he had issued for his coalition government partners to endorse a reform paper he presented.

Progressive Socialist Party leader ex-MP Walid Jumblat hailed the “peaceful” protests against the "ruling elite" that have unified Lebanese regions.

Lebanon's teetering government was expected Monday to approve a belated economic rescue plan as the nation prepared for a fifth day of mass protests against the ruling elite.

President Michel Aoun said in remarks at a key Cabinet meeting on Monday that mass protests reflect the people’s pain but that it was unfair to accuse all government members of being corrupt.

Lebanese Forces leader Samir Geagea on Monday said that Prime Minister Saad Hariri must resign and that a “shock” government of “independent” figures must be formed instead.

The Cabinet held a crucial meeting at Baabda Presidential Palace to discuss a “reform plan” proposed by PM Saad Hariri, amid nationwide protests condemning official corruption and demanding the government resign.

Media reports said that Hariri is set to address the nation after the meeting.

Lebanon's main parties have agreed to a reform package proposed by Prime Minister Saad Hariri, who had given his coalition partners until Monday to back it, a senior official said.

The Progressive Socialist Party on Sunday announced that its continued participation in Saad Hariri’s incumbent government is “conditional,” hours after the Lebanese Forces declared the resignation of its four ministers.

“The reformist paper presented by Prime Minister (Saad) Hariri is advanced, drastic and truly reformist,” Industry Minister Wael Abu Faour said after meeting Hariri.

Lebanese Forces leader Samir Geagea on Sunday said protesters' ambitions exceed the reforms proposed by Prime Minister Saad Hariri and called for "a new political life" and a "neutral technocrat cabinet."

“For the past three years, we have done everything and they were accusing us of obstructing their work. We want the incumbent presidential tenure to be the best presidential tenure in Lebanon and we wanted Hariri’s government to make achievements,” Geagea said in an interview with al-Jadeed television, hours after he announced the resignation of the LF’s four ministers.

The Association of Banks in Lebanon has announced that banks will remain closed on Monday, October 21, due to the massive protests that are engulfing the country.

In a statement, the association hoped the general situations will “stabilize quickly in light of the benignant and strenuous efforts that the various authorities are exerting to spread serenity and stability and to restore normalcy in the country.”