Police meanwhile have arrested two lawmakers from the Rajapaksas' Sri Lanka Podujana Peramuna in connection with last week's violence when anti-government protests turned deadly.
Prime Minister Ranil Wickremesinghe says the island nation needs to secure $75 million in foreign exchange in the next few days to pay for essential imports.
Newly appointed Prime Minister Ranil Wickremesinghe holds discussions with the World Bank and the Asian Development Bank as he looks to steer the country through a dire economic crisis.
Ranil Wickremesinghe has served in the office five times and will be tasked to address a crippling economic crisis that has sparked deadly protests and stirred the political establishment.
President Gotabaya Rajapaksa promises to appoint new premier, empower parliament and abolish the all-powerful executive presidential system amid political crisis and violence triggered by worst economic crisis in memory.
There have been flare-ups of violence around the country despite stringent security measures, as protesters continue shouting slogans against the government while defying a curfew.
An aide to the prime minister confirmed that Mahinda Rajapaksa has submitted a letter of resignation to President Gotabaya Rajapaksa, as at least five people died and nearly 200 were injured in a day of violence.
A majority vote in the 225-member Parliament would be needed to remove Mahinda Rajapaksa and the Cabinet from power in the South Asian island country.
Rohan Weliwita, a spokesperson for Prime Minister Mahinda Rajapaksa, said the president has not communicated any intent to remove the prime minister.
Also, the Sri Lankan government will sell long-term visas to attract foreign currency after the island nation ran out of dollars to pay even for food and fuel in the wake of a crippling economic crisis.
Worsening economic crisis has sparked countrywide protests in Sri Lanka, with angry demonstrators camped outside President Rajapaksa's office for more than three weeks.
The power transfer from president to parliament will be one of the steps aimed at politically stabilising the crisis-hit country, Prime Minister Mahinda Rajapaksa says.
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