Amid the political crisis and turmoil in Sri Lanka, investment promotion minister Dhammika Perera has resigned from his ministerial portfolio.

He was appointed as the investment promotion minister on June 24. In a letter to President Gotabaya Rajapaksa, he said that he accepted the position taking into consideration the current economic situation and the great love he has for the country.

"I am now of the view that Sri Lanka should expedite to identify and implement a solution that will achieve economic stability and address the needs of the people of the country," he said in the letter.

"I always act to the best interest of my country and in order to facilitate such action, I hereby tender my resignation from the post of Minister of Investment Promotion with immediate effect," he added.

The development comes after protesters stormed into President Gotabaya Rajapaksa's official home and later broke into Prime Minister Ranil Wickremesinghe's private residence and set it on fire on Saturday.

Both President Rajapaksa and PM Wickremesinghe have announced to step down from their posts amid the ongoing protests.

Protesters who stormed Sri Lankan President Gotabaya Rajapaksa's house on Saturday have claimed that they have recovered a large sum of money from the mansion.