After addressing the issue with the opposition regarding the establishment of a new government, Sri Lankan President Gotabaya Rajapaksa declared on Wednesday that he is willing to abolish the executive presidency.

Gotabaya stated that after the country stabilizes, he plans to remove the executive presidency and select a new prime minister and cabinet this week. He also stated that he will reintroduce the 19th amendment to empower parliament.

Following a discussion between UNP Leader Ranil Wickremesinghe and President Rajapaksa, this development has occurred.

Last month, the Samagi Jana Balawegaya (SJB) parliamentary group proposed a private member’s bill to repeal the 20th amendment and abolish the executive presidency’s powers.

Sri Lankan MP Harshana Rajakaruna has stated that a constitutional amendment will be introduced to remove the President’s powers.

Sri Lanka’s economic condition will deteriorate if political peace is not maintained, said the country’s Central Bank Governor Nandalal Weerasinghe on Wednesday, as the island nation continued to be wracked by violence.

However, Weerasinghe has also told that he has informed President Gotabaya Rajapaksa and other political leaders that if the current political situation is not resolved in the next weeks, he will resign.

Meanwhile, the central bank chief stated that reviving an economy in a country where law and order were not maintained was difficult.

As violence erupted in Sri Lanka, Prime Minister Mahinda Rajapaksa resigned on Monday. After pro-government organizations battled with anti-government protesters on Monday, a number of violent incidents occurred around the country, leaving eight people dead and over 200 more injured.

Sri Lanka is currently experiencing its greatest economic crisis in its history. Tourist flows stopped up during the COVID-19 epidemic, causing foreign cash problems that prevented the country from acquiring adequate fuel.