Colombo (PTI): The entire Sri Lankan Cabinet will resign and hand over their responsibilities to a new all-party interim government as soon as it is formed, Prime Minister Ranil Wickremesinghe's office said on Monday, as the bankrupt island nation grappled with political and economic crises.

President Gotabaya Rajapaksa announced on Saturday that he will resign on Wednesday. Prime Minister Wickremesinghe also said that he will step down after a new government is formed.

Opposition parties on Sunday held talks and decided to form an all-party interim government after President Rajapaksa and Prime Minister Wickremesinghe agreed to resign.

Prime Minister Wickremesinghe's office said all members of the cabinet have agreed to hand over their responsibilities to a new all-party government as soon as it is formed.

"All the ministers who participated in the discussion were of the opinion that as soon as there is an agreement to form an all-party government, they are ready to hand over their responsibilities to that government, the Prime Minister's office said.

This was following a discussion held on Monday with cabinet ministers, it said.

Prime Minister Wickremesinghe had held discussions with the ministers on Monday morning. Party sources said that the issue of an all-party government would be discussed with the Speaker of Parliament later on Monday.

Five cabinet ministers have already announced their resignation.

Rajapaksa agreed to bow to the party leaders' request to resign following the popular uprising on Saturday. The president's whereabouts are not known yet.

Earlier, Wickremesinghe announced that president Rajapaksa had officially conveyed to him the decision to resign.

Later a release from the president's office said that the presidential statements would only come from the office of the Speaker.

Attorney-at-law Rakitha Rajpakshe, the spokesman for Justice Minister Rohitha Rajapakshe, said the president has to accept the ministers' resignations in order for them to be valid, and that the prime minister has no authority to accept ministerial resignations.

Under the Sri Lankan Constitution, if both the president and prime minister resign, the Speaker of parliament will serve as acting president for a maximum of 30 days.

The Parliament will elect a new president within 30 days from one of its members, who will hold the office for the remaining two years of the current term.

The cash-starved island nation witnessed a tumultuous day on Saturday when protesters broke into Rajapaksa's official residence in Colombo. The protesters were seen in the bedrooms and splashing around in the swimming pool of the President's House.

About 100,000 protesters amassed outside of the president's official residence on Saturday, demanding Rajapaksa's resignation. Video broadcast on Sri Lankan television and on social media showed protesters entering the President's House - Rajapaksa's office and residence in the commercial capital of Colombo - after breaking through security cordons placed by police.

Protesters did not spare Prime Minister Wickremesinghe despite his offer to resign and set on fire his private residence in an affluent neighbourhood in the capital.

Police on Sunday arrested three people for setting Wickremesinghe's residence on fire, which caused extensive destruction of the property. More arrests are expected, police said.

Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, the worst in seven decades, leaving millions struggling to buy food, medicine, fuel and other essentials.

Tens of thousands have taken to the streets in recent months, calling for the country's leaders to resign over accusations of economic mismanagement.

Schools have been suspended and fuel has been limited to essential services. Patients are unable to travel to hospitals due to the fuel shortage and food prices are soaring.

Trains have reportedly reduced in frequency, forcing travellers to squeeze into compartments and even sit precariously on top of them as they commute to work.

In several major cities, including Colombo, hundreds are forced to stand in line for hours to buy fuel, sometimes clashing with police and the military as they wait.

The country, with an acute foreign currency crisis that resulted in foreign debt default, had announced in April that it is suspending nearly USD 7 billion foreign debt repayment due for this year out of about USD 25 billion due through 2026. Sri Lanka's total foreign debt stands at USD 51 billion.

Last week, the prime minister said Sri Lanka's ongoing bailout talks with the International Monetary Fund depended on finalising a debt restructuring plan with creditors by August.

"We are now participating in the negotiations as a bankrupt country," Wickremesinghe said.

"Due to the state of bankruptcy our country is in, we have to submit a plan on our debt sustainability to them separately. Only when (the IMF) are satisfied with that plan can we reach an agreement," he said.

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Bengaluru (PTI): Karnataka Minister for Large and Medium Industries M B Patil on Thursday directed officials to expedite the integration of the remaining 28 services in various departments under the SWS.

The direction was issued at a review meeting on EoDB and Single Window Committees held at Vidhana Soudha, attended by senior officials from various departments.

In a statement, Patil said, "We face intense competition from neighbouring states. We have studied their policies and regulations and are determined to establish a system that is even more efficient and industry-friendly," he said.

Under the Single Window System, 115 services across 20 departments have already been integrated, the minister said, adding the remaining 28 services have been prioritised for time-bound implementation.

Patil said Revenue, Forest, Home, Environment, Primary Education, Fire Services and Energy departments are among the services.

According to the minister, the goal is to ensure that investors do not lose valuable time and are encouraged to invest in Karnataka.

He sought cooperation of all the government departments to make it happen.

Referring to emerging challenges, he said Karnataka has long been a frontrunner in the IT sector but the rapid rise of Artificial Intelligence (AI) has introduced new uncertainties.

He stressed that all departments, including KIADB, must ensure swift approvals for industrial projects.

Patil underlined that entrepreneurs should not be subjected to "unnecessary delays," he said, adding that clearances for electricity connections, Fire Department NOCs and Pollution Control Board approvals must be issued promptly.

Detailing the reforms, the minister said the time limit for Fire Department NOCs has been reduced from 60 days to 21 days, while electricity connection approvals have been cut from 25 days to 10 days. Permission for lift and escalator operations has been brought down from 40 days to 20 days, and new water connection approvals from 42 days to 30 days, he said.

The Labour Department will now issue industrial licences and boiler registrations within 14 days instead of 30 days, he said, noting that necessary notifications have already been issued.

"These amendments will soon be placed before the Cabinet and formalised through legislation on a fast-track basis," Patil said.

He further stated that timelines at the State Pollution Control Board have been significantly reduced.

Change-of-land-use permission within Bengaluru city limits, which earlier took up to 120 days, will now be granted within 45 days.

With 32 data centres currently operating in the state, Patil underscored the importance of uninterrupted power supply and called for the development of dedicated data centre clusters with exclusive power lines.

A ministerial-level meeting will soon be convened to identify suitable locations and ensure essential infrastructure, including power connectivity, he said.