The Latest Breaking News from Basil Rajapaksa

Sri Lanka's economic crisis reached boiling point when citizens stormed the President's palace. Videos from inside show how it unfolded.

A deep financial crisis has left Sri Lanka struggling to pay for imports of food, medicine and fuel and brought thousands of protesters on to the streets. On Saturday, President Gotabaya Rajapaksa told the speaker of parliament he would step down next week.

One of Sri Lanka's richest businessmen will replace the president's brother in parliament, a ruling party official said on Friday, as the cash-strapped country moves forward on talks for a bailout plan with the International Monetary Fund (IMF).

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Basil Rajapaksa, the younger brother of Sri Lanka’s president and the country’s former finance minister, has resigned from Parliament amid mounting criticism of his alleged role in dragging the island nation into its worst economic crisis in memory

The brother of Sri Lanka's president and the country's former finance minister Basil Rajapaksa said on Thursday that he had resigned from parliament, the second from the influential family to step away from government amid a severe economic crisis.

It was the moment when two brothers who had dominated Sri Lanka's politics for nearly 20 years finally went their separate ways.

At the height of their power, four brothers from Sri Lanka’s Rajapaksa dynasty held the presidency and the prime minister’s office as well as the finance, interior and defence portfolios, among others. But just when the Rajapaksa clan seemed invincible, an economic crisis of their own making led to their…

The administration focused on consolidating power in government, ignoring the financial and political crises.