Sri Lanka crisis: What has happened so far?

In the grips of the worst economic crisis, Sri Lanka has seen widespread protests in the last few weeks. Fuel, food and essential commodities price rise and the government's handling of the foreign exchange crisis saw unprecedented demonstrations across the nation of 22 million people. Many may face starvation, if the conflict remains unsolved. Reports say that over 60 people have been in arrested in connection with the unrest, many alleging torture.

Last week President Gotabaya Rajapaksa declared national emergency. Amidst the chaos, the Cabinet of Ministers resigned as public resentment against handling of he crisis mounted. 26 ministers, all except President Rajapaksa and sibling Prime Minister Mahinda Rajapaksa, resigned from the cabinet. Governor of Central Bank of Sri Lanka, Ajith Nivard Cabraal, also resigned.

Rajapaksa sought to resolve the part-economic, part-political crisis by inviting all parties in the Parliament to take up portfolios to find a resolution to the conflict. The opposition parties rebuffed the offer. A newly appointed Finance Minister tendered his resignation in 24-hours.

WATCH | Sri Lanka: President Rajapaksa invites all parties to take up ministerial portfolios

On Tuesday members of ruling bloc defected, leaving them now in minority in the Parliament. Reports suggest snap parliamentary polls may by in the offing.

Meanwhile Rajapaksa revoked the state of emergency late on Tuesday. Rajapaksa formed a three member committee to assist officials in talks with the International Monetary Fund to find a resolution to the crisis.