Lebanon's Prime Minister-designate Saad Hariri has stepped down, following talks with Lebanese President Aoun at Baabda Palace Thursday afternoon. 

Hariri was named PM-designate in October, following the resignation of the government in August in the wake of the deadly Beirut Port blast. 

However, he has since been unable to form a government which many say comes at the expense of the Lebanese people, who are in deep need of change amid a crippling financial crisis that has sent over half the population into poverty. 

But the IMF conditions aid upon a functioning government, which Lebanese leaders have failed to agree on. 

Following the announcement, the Lebanese Lira tanked to a new record-low of 20,000 LL to the dollar. 

Before Lebanon's economic crisis began two years ago, the Lira had been stably pegged to the dollar at the rate of 1,500LL to the dollar. 

"May God help the country," Hariri told reporters following his resignation.