The main opposition leader in Sri Lanka, Sajith Premadasa, withdrew from the country's presidential election on Tuesday in favor of a ruling party dissident.

Just a few minutes before nominations formally opened, Premadasa tweeted that his party will support Dullas Alahapperuma, a former media minister, to replace Gotabaya Rajapaksa, who resigned last week, "for the greater good of my country that I love and the people I cherish."

After the withdrawal of main Opposition leader Sajith Premadasa, acting President Ranil Wickremesinghe, Marxist JVP leader Anura Kumara Dissanayake, Dullas Alahapperuma, and a breakaway SLPP candidate are the three leaders who will run for Sri Lanka’s presidential elections.

On Monday, Sri Lanka's acting President Ranil Wickremesinghe declared a state of emergency as per a government notice which was released late on Sunday and reported by local media.

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It is worth noting that Wickremesinghe has already declared a state of emergency last week after ex-President Gotabaya Rajapaksa fled the country, but it is unclear whether the order was withdrawn or lapsed.

While the current regulation's specifics have yet to be declared, previous emergency powers have been put into force to deploy the military to arrest and detain people, search private property, and quell protests.

Sri Lanka is set to elect a president this week, with parliament members set to hear presidential nominations on Tuesday.

The country has been facing a severe shortage of fuel, medicine, food, as well as record inflation rates.

As a result, the public outpoured rage and resentment toward the political leadership led President Gotabaya Rajapaksa to flee the country, submitting his resignation letter to parliament, which accepted it on Friday.

Simultaneously, Wickremesinghe was sworn in as interim president after serving as prime minister.