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Sri Lankan MP Sagara Kariyawasam on Monday said the Gotabaya Rajapaksa-led government would survive the latest crisis and the President would not put in his papers as the ruling camp had a majority in Parliament.

Kariyawasam, who spoke to reporters after an all-party meeting, said there was an issue of foreign currency and the government would need to find a sustainable solution.

The MP’s statement came as Opposition parties rejected the President’s invitation to join the proposed unity government as a “sham” after he fired his brother and finance minister Basil Rajapaksa from his post, as protests were held nationwide over the ruling Rajapaksa family's poor handling of the country’s worst economic crisis.

 Kariyawasam also thanked India for standing by the island nation and continuing to do so even during the current crisis.

 The government will survive. We have a majority in Parliament. President Rajapaksa will not resign… We've an issue of foreign currency and we need to find a sustainable solution,” he said.

 Late on Sunday night, all 26 cabinet ministers submitted letters of resignation after thousands of people defied a countrywide state of emergency and curfew and took to the streets in protest against the government. The people defied the curfew to protest against long queues for fuel and gas and long hours without electricity.

Sri Lanka Economic Crisis Live Updates: The central bank of Sri Lanka will hold its monetary board meeting on Monday after Governor Ajith Nivard Cabraal tendered his resignation. “The Monetary Board meeting will be held on Monday as previously scheduled. There is no change,” news agency Reuters quoted two sources close to the matter as saying.

President Gotabaya Rajapaksa Monday invited the Opposition to accept ministerial portfolios. A statement by his office informed that the President called on all parties to come together and help find a way out of the country’s worst economic crisis. He named four Ministers on Monday “to ensure Parliament and other tasks can be conducted in a lawful manner until a full Cabinet can be sworn in” after all 26 Cabinet Ministers resigned on Sunday night. Replacing his brother Basil Rajapaksa, the President named Ali Sabry, who was until Sunday night the Minister of Justice, as the new Finance Minister. Previous ministers of Foreign Affairs, Education and Highways kept their positions, Reuters reported.