COLOMBO: In the midst of the country's worst-ever economic crisis and political impasse, Sri Lankan President Gotabaya Rajapaksa stated on Wednesday that if the present cabinet, led by his elder brother Mahinda Rajapaksa, resigns, he is willing to establish an all-party government.

Gotababaya Rajapaksa has told coalition partners that he is willing to build an all-party government with the political parties represented in parliament in principle. In principle, I believe that an all-party government representing all parties in parliament be created as a solution to the country's current predicament," he added.

On Friday, he invited leaders of the parties and independent groups that assisted him in forming his cabinet to meet with him.  "The composition of the said all-party government, which will be formed after Prime Minister Mahinda Rajapaksa's resignation and the cabinet, the length of its term, appointments to be made in that government, and other relevant matters must be decided upon discussion," the President's office said in a statement.

President Rajapaksa has openly proposed that his brother, Prime Minister Mahinda Rajapaksa, resign. Prime Minister Rajapaksa has refused to quit and has asserted that he will be the Premier of whatever interim administration is established.  Despite popular pressure, however, the President has shown no signs of quitting his office.

The Indian Ocean island nation is experiencing its worst economic crisis since independence, with citizens forced to queue for days for fuel and gas, while a variety of essential commodities such as food, fuel, and medicine are in short supply.

IMF calls for Sri Lanka to tighten monetary policy

Int’l Monetary Fund applauds Sri Lanka's efforts to stabilise its economy

Sri Lanka's Prez admits mistakes contributed to country's economic crisis