Sri Lanka: Dhammika Perera resigns as cabinet minister

Amid mayhem and chaos in Sri Lanka, Investment promotion Minister Dhammika Perera has resigned from his ministerial portfolio.

He was appointed as the Minister of Investment Promotion on June 24, reported Daily Mirror.

In a letter to the President, Dhammika Perera said he accepted the position taking into consideration the current economic situation and the great love he has for the country.

"I am now of the view that Sri Lanka should expedite to identify and implement a solution that will achieve economic stability and address the needs of the people of the country," he said in the letter.

"I always act to the best interest of my country and in order to facilitate such action, I hereby tender my resignation from the post of Minister of Investment Promotion with immediate effect," he added.

The development comes after protesters stormed into President Gotabaya Rajapaksa's official home and later broke into Prime Minister Ranil Wickremesinghe's private residence and set it on fire on Saturday.

Both President Rajapaksa and PM Wickremesinghe have announced to step down from their posts amid the ongoing protests.

The worsening economic situation in the country has led to increasing tensions and over the last few weeks, there were reports of several confrontations between individuals and members of the police force and the armed forces at fuel stations where thousands of desperate members of the public have queued for hours and sometimes days.

Sri Lanka is suffering its worst economic crisis since gaining independence in 1948, which comes on the heels of successive waves of COVID-19, threatening to undo years of development progress and severely undermining the country's ability to achieve the Sustainable Development Goals (SDGs).

The oil supply shortage has forced schools and government offices to close until further notice. Reduced domestic agricultural production, a lack of foreign exchange reserves, and local currency depreciation have fueled the shortages.

The economic crisis will push families into hunger and poverty - some for the first time - adding to the half a million people who the World Bank estimates have fallen below the poverty line because of the pandemic.