Late on Saturday, the Maronite Christian Lebanese Forces party announced it would withdraw its four ministers from the government, piling further pressure on Hariri as he seeks to pass a budget that his government has pledged would include no new taxes.
Local media reported that the government's plan includes measures such as raising taxes on the country's banking sector, cutting salaries of top officials, legislators and ministers by half, abolishing taxes imposed recently and fixing the electricity sector that has cost state coffers billions of dollars over the past years.
Another protester, Ziad Abou Chakra, said he would continue to protest until the government was toppled.
Hariri described the measures as a "financial coup".
The meeting, at the presidential palace in the Beirut suburb of Baabda, was swiftly convened after a package of reforms was drawn up.
The cabinet official said some of Hariri's traditional allies have expressed reservations over the plan. "This is a decision that you take". That is a decision that you take, and no one can give you a deadline.
Meanwhile, the central bank and private banks would be expected to contribute some $3.3 billion (€2.95 billion) to achieve a "near-zero deficit" for the 2020 budget.
The banking sector was criticized by numerous protesters, who blamed it for charging the state high interest rates as it carries much of the $85 billion public debt that stands at 150% of the gross domestic product.
Protesters gathered in front of the government houses said the move smacked of a desperate attempt by the political class to save their jobs.
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An aerial view shows anti-government protest, in downtown Beirut, Lebanon, Sunday, October 20, 2019.
Hariri said that a law will be drafted to restore money that were usurped as a result of widespread corruption in the country.
Earlier, protesters closed major roads around Lebanon ahead of the emergency Cabinet meeting. Demonstrators also placed barriers across major intersections in Beirut as well as other cities and towns across the country.
Such calls are the main method of communication for many Lebanese and, despite the government's swift abandonment of the tax, the demonstrations quickly swelled into the largest in years.
"After all these years, I can answer: no one can stand in the face of the progress of the peoples and today the Lebanese people from all sects have turned the tables on subservience and political cronyism", he added. They've called on the 30-member Cabinet to resign and be replaced by a smaller one made up of technocrats instead of members of political factions.
The demonstrations unleashed long-simmering anger at a ruling class that has divided up power among themselves and amassed wealth for decades but has done little to fix a crumbling economy and dilapidated infrastructure.
The protests have grown steadily since public anger first spilled onto the streets Thursday evening in response to a proposed tax on calls via WhatsApp and other messaging services.
The Prime Minister hopes that the initiative will satisfy the demands of the people, who have been engaged in days of anti-government demonstrations in protest at corruption and austerity.
Iran enjoys wide influence in Lebanon through the Hezbollah terror organization, which is armed and funded by Tehran.
A new cabinet would also likely see the Iranian-backed Hezbollah and its allies more in control, a shift that would make it almost impossible for global donors or Gulf Arab countries at odds with Iran to offer aid or investments.