Sri Lankan President, Gotabaya Rajapaksa has appointed a new central bank chief as the country faces an economic crisis, the President’s Media Division said in a statement on Friday.

Nandalal Weerasinghe was appointed as the Governor of the Central Bank of Sri Lanka, following the resignation of Ajith Nivard Cabraal earlier this week.

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The President’s Media Division said Weerasinghe had vast experience in the financial sector and served in several posts at the International Monetary Fund and the Central Bank of Sri Lanka.

The president handed over the appointment letter on Thursday evening and Weerasinghe assumed duties on Friday morning.

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Sri Lanka has been facing economic instability recently as a severe shortage of foreign currency has left the government unable to pay for essential imports, including fuel.

Sri Lanka’s main opposition party, Samagi Jana Balawegaya (SJB) on Friday demanded the government resolve the ongoing economic crisis or face a no-confidence motion.