In the middle of unrest in Sri Lanka, the ruling coalition loses its legislative majority

Key Takeaways:

• On Tuesday, Sri Lanka's ruling coalition lost its majority in Parliament, as the country faced a critical day in the midst of an escalating economic crisis.

According to Reuters, Sri Lanka's governing coalition lost its majority in Parliament on Tuesday, as the country faced a critical day amid a deepening economic crisis. On Monday, the opposition rejected a proposal by President Gotabaya Rajapaksa to establish a "unity government." 

The offer came a day after PM Mahinda Rajapaksa's administration's entire 26-member cabinet quit despite widespread protests. As per a report in the local daily Daily Mirror, the President declared that he would not resign but is willing to take over the government to whichever party wins 113 seats in Parliament.

The following are 10 recent updates on the Sri Lankan crisis:

1. As unrest deepens, at least 41 legislators dropped out of the government coalition on Monday. According to Reuters, Maithripala Sirisena, the Sri Lanka Freedom Party leader, which withdrew its support for Rajapaksa's alliance, declared, "Our party is on the side of the people."

2. In the recent election, Sri Lanka's ruling alliance won 145 out of 225 seats. The Parliament's rejection of the unity government had set the ground for a showdown.

3. The mass resignations allowed the prime minister to select new faces amid mounting public outrage in the 22-million-strong country, where a lack of necessities and power disruptions have exacerbated the issue.

4. The country has seen extraordinary upheaval in the past few days, notably outside the President's mansion in Colombo. He and his brother, Mahinda Rajapaksa, have been called to resign.

5. Namal Rajapaksa, Mahinda Rajapaksa's son, and the rest of the cabinet resigned on Sunday. "I have advised the Secretary to the President of my resignation from all ministries, effective immediately, hoping that it will help HE and the Prime Minister in their choice to restore stability to the people and the government of #LKA. I am still dedicated to my supporters, my party, and the people of #Hambanthota. "On Monday, he tweeted.

6. The IMF has stated that it is closely following developments. According to Reuters, "IMF staff is looking forward to program conversations with the authorities, notably during the visit of the recently appointed Finance Minister to Washington later this month."

7. According to reports, the country has also declared an emergency health condition due to a medicine scarcity. This came after a 36-hour curfew was eased on Monday to suppress protests. A 15-hour social media shutdown drew widespread condemnation.

8. On Monday, the President fired his brother as finance minister. According to Reuters, his media office said that Ali Sabry, the minister of justice, has been designated finance minister, replacing Basil Rajapaksa.

9. Ajith Nivard Cabraal, the country's central bank governor, resigned.

10. Sri Lanka's debt is estimated to be billions of dollars. It has requested financing from the Asian Development Bank, India, and China to withstand the crisis.