Sri Lanka tycoon Dhammika Perera to replace president's brother in parliament

FILE PHOTO: Demonstrators protest amidst tear gas used by the police to disperse them during a protest outside the Sri Lanka's police headquarters, amid the country's economic crisis, in Colombo, Sri Lanka, June 9, 2022. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) - 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).

Sri Lanka is in the midst of the worst financial crisis since independence in 1948. Foreign exchange reserves have dropped to record lows leaving it struggling to pay for essential imports of fuel, food and medicine and triggering shortages and months of protests.