Bloomberg

(Bloomberg) — Sri Lanka’s cabinet approved a plan to abolish constitutional amendments that gave President Gotabaya Rajapaksa wide-ranging executive powers, acceding to one of the key demands from citizens protesting his economic policies as the ruling family tries to stay in office.

A proposal by Prime Minister Mahinda Rajapaksa — the president’s brother — to return to the 19th amendment of the constitution with necessary changes” has been approved, government spokesman Rohan Welivita said in a statement Monday. He didn’t specify the changes. 

The decision follows an announcement from officials of the main opposition party earlier Monday that they have garnered enough support for a no-confidence vote against the government. Demonstrators angry about Asia’s fastest inflation and shortages of food and fuel have been demanding the administration repeal the so-called 20th amendment that amassed extraordinary powers for the president, while also calling for the Rajapaksas to step down.

Sri Lanka Opposition Gets Enough Support for No-Confidence Vote

The political developments come as Sri Lanka races to secure funding from creditors including India, China and the International Monetary Fund. On Monday, Sri Lanka’s blue-chip index sank 12.6%, exceeding the 10% drop that resulted in an all-day suspension as investors fretted over the economic crisis.