President Gotabaya Rajapaksa of Sri Lanka has created two new ministries, one of which is an investment ministry, to deal with the island nation's greatest economic crisis.

The new ministry of 'Technology and Investment Promotion' will also be responsible for promoting foreign direct investment and private sector investment, while promoting economic potential in Sri Lanka.

Basil Rajapaksa, the former finance minister and the intellectual pillar of the Rajapaksa brothers, resigned from Parliament on Thursday, prompting the creation of the new ministry.

President Gotabaya also established a 'Ministry of Women, Child Affairs, and Social Empowerment' through a gazette notice. The Ministry of Women and Children's Affairs and Social Empowerment has 15 institutions, including the National Child Protection Authority and the Samurdhi Development Department.

Basil announced his resignation to allow someone from the ruling Sri Lanka Podujana Peramuna (SLPP) to take his place. Dhammika Perera, a prominent businessman, is expected to succeed Basil as Minister of Technology and Investment Promotion.

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