Sri Lanka's president on Friday agreed to replace his older brother as prime minister in a proposed interim government to solve a political crisis caused by the country’s worst economic crisis, reports Times of India.

"President Gotabaya Rajapaksa agreed that a national council will be appointed to name a new prime minister and Cabinet comprised of all parties in Parliament," lawmaker Maithripala Sirisena said after meeting with the president.

Sirisena was a governing party lawmaker before defecting earlier this month along with nearly 40 other legislators. Protesters who have crowded the streets since March hold them responsible for the crisis.

Sri Lanka is facing one of its worst economic crises resulting in widespread protests against the Rajapaksa family leaders, including President Gotabaya Rajapaksa and PM Mahinda Rajapaksa.

Huge piles of foreign debt, series of lockdowns, soaring inflation, shortage in fuel supply, fall in foreign currency reserves and devaluation of currency has adversely impacted the country's economic growth.

The country has to repay $7 billion in foreign debt this year, and $25 billion by 2026. Its foreign reserves stand at less than $1 billion.