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.
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.
Worsening economic crisis has sparked countrywide protests in Sri Lanka, with angry demonstrators camped outside President Rajapaksa's office for more than three weeks.
Prime Minister Mahinda Rajapaksa says he is deeply distressed by violence in the town of Rambukkana and hopes for a fair investigation after the first death during weeks of demonstrations.
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.
President Gotabaya Rajapaksa's older brother, Prime Minister Mahinda Rajapaksa, remains but some other relatives have been dropped in what's seen as an attempt to pacify protesters amid an economic crisis.
The moves — announced separately — are aimed at cooling widespread social tensions and bringing in liquidity to fight a crippling economic crisis that has triggered unprecedented hardship in the nation of 22 million people.
Gotabaya Rajapaksa has revoked orders giving him sweeping authority to act in the interests of public order, including suspending any laws, authorising detentions and seizing property.
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