Sri Lanka’s president has agreed to replace his older brother as prime minister in a proposed interim government to resolve a political standoff caused by the country’s worst economic crisis in decades, a prominent lawmaker said on Friday.

Congressman Maithripala Sirisena said after a meeting with President Gotabaya Rajapaksa had agreed to appoint a national committee to appoint a new prime minister, to be owned by the party cabinet in parliament.

Sirisena, who served as president before Rajapaksa, was a ruling party lawmaker who defected earlier this month along with nearly 40 other lawmakers.  Sri Lanka is on the brink of bankruptcy and has announced a moratorium on repayments of its foreign loans. It must repay $7 billion in foreign debt this year and $25 billion by 2026. Its foreign exchange reserves are less than $1 billion.

A shortage of foreign exchange has severely restricted imports, forcing long queues to buy essentials such as food, fuel, gas and medicine. For most of the past 20 years, Rajapaksa and his family, including Prime Minister Mahinda Rajapaksa, ruled almost every aspect of Sri Lankan life. Protesters who have filled the streets since March believe they are responsible for the crisis.