Officials indicated that embattled President Gotabaya Rajapaksa was scheduled to nominate a new prime minister on Thursday in an attempt to steer Sri Lanka out of its catastrophic economic crisis following days of bloodshed.

Ranil Wickremesinghe, a respected five-time former prime minister, was the frontrunner to lead a “unity government” with cross-party support in the 225-member parliament and succeed Mahinda Rajapaksa, who stepped down on Monday.

“Unless there is a last-minute snag,” a senior official close to the president told journalists, “a swearing-in is probable today.”

Rajapaksa did not concede to weeks of widespread rallies calling for his resignation in a televised address to the nation on Wednesday night.

The 22-million-strong country is experiencing its worst economic crisis since independence, with acute food, gasoline, and medical shortages, as well as lengthy power outages.

However, in an effort to appease the opposition, Rajapaksa agreed to relinquish most of his executive powers and form a new cabinet this week.

“I will name a prime minister who will command a majority in parliament and the confidence of the people,” Rajapaksa said in the televised speech.

On Monday, Prime Minister Mahinda Rajapaksa resigned after his supporters attacked anti-government protesters and rioted in Colombo.

Several days of violence followed, with at least nine people murdered and more than 200 injured, and scores of Rajapaksa supporters’ homes set on fire.

Since then, security troops patrolling in armored personnel carriers have been cracking down on public unrest, with orders to shoot anyone engaging in looting or violence on sight.

Thursday morning, a curfew was lifted, only to be reinstated after a six-hour reprieve to allow residents to stock up on necessities.

The main opposition SJB party was initially invited to establish a new government, but Sajith Premadasa, the party’s leader, insisted on the president stepping down first.

However, a dozen SJB MPs promised their support for Wickremesinghe, 73, who has served as Prime Minister five times since 1993 and is seen as a pro-Western free-market reformer.

Wickremesinghe is the sole member of his United National Party (UNP) who survived Rajapaksa’s two-thirds majority in the August 2020 election.

The Rajapaksa government began to collapse as a result of the economic crisis, with mass defections to the opposition, but no single group in the 225-member legislature has held an outright majority since April.

After a lack of foreign currency prompted it to default on its foreign loans last month, Sri Lanka is in negotiations with the International Monetary Fund and others over a bailout plan.

The island nation’s central bank chief warned Wednesday that the economy will “collapse” unless a new government was urgently appointed.

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