Rajapaksa had announced his resignation hours after thousands of protesters stormed the presidential residence in the capital city of Colombo on Saturday. Wickremesinghe will convene an urgent cabinet meeting with him on Monday and will meet with the country's political leaders to discuss a peaceful transition.

Wickremesinghe also agreed to resign after party leaders urged him to leave his posts as protesters stormed the presidential residence and office. Sri Lanka's main opposition party, the United People's Power (PPU), said it had held extensive internal discussions on the political and economic situation in the country.

The leaders of the political parties with parliamentary representation are scheduled to meet on Monday to discuss the call for the House of Representatives and hand over power to the new government after President Rajapaksa resigns on Wednesday.

Sri Lanka is experiencing the worst economic crisis since its independence in 1948, which has caused shortages of food, fuel and other essential goods. The formation of a new government is essential for this nation, which is currently negotiating a "rescue program" with the International Monetary Fund (IMF) that will allow it to restore fiscal stability.

On Sunday, parliamentarians such as Ranjith Maddumabandara and Wimal Weerawansa agreed to form a national unity government; however the decision on the name of who will lead that Administration has complicated the agreement.

“They did not agree on who would lead the unity government with two names proposed by the current opposition leader Sajith Premadasa and others from the 'independent group' of parliamentarians who split from President Rajapaksa's party," the EFE agency reported.