New Delhi: Sri Lankan President Gotabaya Rajapaksa on Monday sacked his brother Basil Rajapaksa from the post of Finance Minister as the country grapples with protests induced by the worst economic crisis the island nation has seen.


Significantly, Ajith Nivard Cabraal, Governor of Sri Lanka's Central Bank, also resigned from his post today.


Basil had negotiated the Indian economic relief package to help Sri Lanka tackle the current foreign exchange crisis. He was also scheduled to leave for the US to meet with the International Monetary Fund (IMF) for a possible bailout package to get over the unprecedented economic crisis.


ALSO READ | Sri Lanka Economic Crisis: President Rajapaksa Invites Opposition To Join Unity Govt After Cabinet Resigns


According to news agency PTI, Basil Rajapaksa has been replaced by Ali Sabry, who was until Sunday night the Minister of Justice.


The Governor of Sri Lanka's Central Bank resigned from his post today as the country's new cabinet is expected to be sworn in today.


"In the context of all Cabinet Ministers resigning, I have today submitted my resignation as Governor,  Central Bank, Sri Lanka to President Gotabaya Rajapaksa," Ajith Nivard Cabraal tweeted.



During his governorship, the Central Bank was accused of printing large volumes of money, triggering inflation. Ajith Cabraal was criticised for his rigid stance on Sri Lanka seeking an economic bailout through IMF structural adjustment facility.


Other Key Updates:



  • On Sunday, the entire cabinet except for President Gotabaya Rajapaksa and his brother Mahinda, the Prime Minister, resigned.


  •  The Sri Lankan President on Monday invited all political parties to join a unity Cabinet as part of the government's attempt to tackle the raging public anger consequent from the island nation's worst economic crisis.


  • In a letter, the Sri Lankan President has invited all political parties' representatives in Parliament to take up ministerial posts and work together to find a solution to the national crisis, news agency ANI reported.


  • Trading halted on the Sri Lanka stock exchange after a 5.9% plunge, AFP reported.


  • Leader of the Opposition Sajith Premadasa called the cabinet's en masse resignation, "a melodrama that is being enacted to dupe the people of our country." "It's not a genuine effort towards bringing some sort of relief to the people of our country. It's an exercise in fooling the people...  Whole country is calling for wholesale change. What we ask for is a pathbreaking wholesale change that brings about relief to the country, not relief to politicians, not a game of musical chairs where politicians exchange their position," he added, as quoted by ANI.


The nationwide curfew was lifted today morning as the island nation remained under the state of emergency. 


Protests Amid Curfew, Social Media Blackout


The angered public planned a country-wide mass protest triggered by social media on Sunday. However, the government responded to it by imposing a 36-hour curfew, shutting down social media access for the citizens.


Distrubing scenes were seen across the island as Sri Lankan police crackdown on protests calling for President Rajapaksa’s ouster over soaring living costs and a foreign exchange crisis, amid the curfew.


Police personnel fired tear gas and water cannons at hundreds of university students during a protest in the central province, PTI reported. 


The social media curbs were lifted in the second half of Sunday.


The services of Facebook, Twitter, YouTube, Instagram, TokTok, Snapchat, WhatsApp, Viber, Telegram, and Facebook Messenger were restored after 15 hours, PTI cited an official as saying.


Rajapaksa has defended his government saying the foreign exchange crisis was not his making and the economic downturn was largely caused by the pandemic with the island’s tourism revenue and inward remittances waning. 


(With Inputs From Agencies)