JULY 20: Mr Wickremesinghe faces the task of leading the country out of its economic collapse and restoring public order after months of mass protests.
He roundly defeated party rival Dullus Alahapperuma, with 134 votes to 82 in the parliamentary vote on Wednesday.
Sri Lanka's ex-president Gotabaya Rajapaksa fled the country last week.
He bolted to the Maldives and then Singapore after thousands of protesters stormed his presidential residences and other government buildings, calling for his resignation.
They had also called for Mr Wickremesinghe's resignation, who was appointed prime minister in May. Protesters burnt down his private home and also stormed his prime ministerial office in Colombo in demonstrations against his leadership.
Protesters have consistently been calling for the former prime minister, now president to step down.
However Mr Wickremesinghe has defied those calls. He automatically assumed the position of acting president after Mr Rajapaksa fled, and his victory on Wednesday means he will carry out the rest of the presidential term until November 2024.
Sri Lanka is effectively bankrupt and facing acute shortages of food, fuel and other basic supplies.
Mr Wickremesinghe will strive to restore political stability to Sri Lanka so it can resume stalled negotiations with the International Monetary Fund (IMF) for a bailout package.
Mr Wickremesinghe - an ally of the Rajapaksas - had been nominated by their ruling party the SLPP and was seen as the frontunner in the race.
He faced a serious challenge from Mr Alahapperuma, a dissident MP in the SLPP and former education minister who gained the backing of the main opposition.
JULY 18: "Countries with high debt levels and limited policy space will face additional strains. Look no further than Sri Lanka as a warning sign," said IMF Managing Director Kristalina Georgieva on Saturday.
She said developing nations had also been experiencing sustained capital outflows for four months in a row, putting their dreams of catching up with advanced economies at risk.
Sri Lanka is struggling to pay for crucial imports like food, fuel and medicine for its 22 million people, as it battles a foreign exchange crisis. Inflation has soared about 50%, with food prices 80% higher than a year ago. The Sri Lankan rupee has slumped in value against the US dollar and other major global currencies this year.
Many blame ex-president Gotabaya Rajapaksa for mishandling the economy with disastrous policies whose impact was only exacerbated by the pandemic.
Over the years, Sri Lanka had built up a huge amount of debt - last month, it became the first country in the Asia Pacific region in 20 years to default on foreign debt.
Officials had been negotiating with the IMF for a $3bn (£2.5bn) bailout. But those talks are currently stalled amid the political chaos.
But the same global headwinds - rising inflation and interest rate hikes, depreciating currencies, high levels of debt and dwindling foreign currency reserves - also affect other economies in the region.
China has been a dominant lender to a several of these developing nations and therefore could control their destinies in crucial ways. Buy it's largely unclear what Beijing's lending conditions have been, or how it may restructure the debt.
Where China is at fault is, according to Alan Keenan from International Crisis Group, is encouraging and supporting expensive infrastructure projects that have not produced major economic returns.
"Equally important has been their active political support for the ruling Rajapaksa family and its policies...These political failures are at the heart of Sri Lanka's economic collapse, and until they are remedied through constitutional change and a more democratic political culture, Sri Lanka is unlikely to escape its current nightmare."
Worryingly, other countries appear to be on a similar trajectory.
Laos
The landlocked East Asian nation of more than 7.5 million people has been facing the risk of defaulting on its foreign loans for several months.
Now, a rise in oil prices because of the Russian invasion of Ukraine has put further strain on fuel supplies, pushing up the cost of food in a country where an estimated third of people live in poverty.
Local media outlets have reported long lines for fuel, and said some households have been unable to pay their bills.
Laos' currency, the kip, has been plunging and is down by more than a third against the US dollar this year.
Higher interest rates in the US have strengthen the dollar, and weakened local currencies, increasing their debt burden and making imports costlier.
Laos, which is already heavily in debt, is struggling to repay those loans or or pay for imports like fuel. The World Bank says the country had $1.3bn of reserves as of December last year.
But its total annual external debt obligations are around the same amount until 2025 - equivalent to about half of the country's total domestic revenue.
As a result, Moody's Investor Services downgraded the communist-ruled nation to "junk" grade last month, a category in which debt is considered high risk.
China has loaned Laos huge amounts of money in recent years to fund big projects like a hydropower plant and a railway. According to Laotian officials speaking to Chinese state media Xinhua, Beijing has undertaken 813 projects worth more than $16bn last year alone.
Laos' public debt amounted to 88% of its Gross Domestic Product (GDP) in 2021, according to the World Bank, with almost half of that figure owed to China.
Experts point to years of economic mismanagement in the country, where one party - the Lao People's Revolutionary Party - has held power since 1975.
But Moody's Analytics has flagged increased trade with China and the export of hydroelectricity as positive developments: "Laos has a fighting chance of avoiding the danger zone and the need for a bailout," economist Heron Lim said in a recent report.
Pakistan
Fuel prices in Pakistan are up by around 90% since the end of May, after the government ended fuel subsidies. It's trying to rein in spending as it negotiates with the IMF to resume a bailout programme.
The economy is struggling with the rising cost of goods. In June, the annual inflation rate hit 21.3%, highest it has been in 13 years.
Like Sri Lanka and Laos, Pakistan also faces low foreign currency reserves, which have almost halved since August last year.
It has imposed a 10% tax on large scale industry for one year to raise $1.93bn as it tries to reduce the gap between government revenue and spending - one of the IMF's key demands.
"If they are able to unlock these funds, other financial lenders like Saudi Arabia and the UAE [United Arab Emirates] may be willing to extend credit," Andrew Wood, sovereign analyst at S&P Global Ratings told the BBC.
Former prime minister Imran Khan who vowed to fix some of these problems was ousted from power, although the faltering economy is not the only reason for that.
Last month, a senior minister in Pakistan's government asked citizens to reduce the amount of tea they drink to cut the country's import bills.
Again China plays a role here, with Pakistan reportedly owing more than a quarter of its debt to Beijing.
"Pakistan appears to have renewed a commercial loan facility vis-a-vis China and this has added to its foreign exchange reserves and there are indications they will reach out to China for the second half of this year," Mr Wood added.
Maldives
The Maldives has seen its public debt swell in recent years and it's now well above 100% of its GDP.
Like Sri Lanka, the pandemic hammered an economy that was heavily reliant on tourism.
Countries that depend so much on tourism tend to have higher public debt ratios, but the World Bank says the island nation is particularly vulnerable to higher fuel costs because its economy is not diversified.
US investment bank JPMorgan has said the holiday destination is at risk of defaulting on its debt by the end of 2023.
Bangladesh
Inflation hit an 8-year high in May in Bangladesh, touching 7.42%.
With reserves dwindling, the government has acted fast to curb non-essential imports, relaxing rules to attract remittances from millions of migrants living overseas and reducing foreign trips for officials.
"For economies running current account deficits - such as Bangladesh, Pakistan and Sri Lanka - governments face serious headwinds in increasing subsidies. Pakistan and Sri Lanka have turned to the IMF and other governments for financial assistance," Kim Eng Tan, a sovereign analyst at S&P Global Ratings told the BBC.
"Bangladesh has had to re-prioritise government spending and impose restrictions on consumer activities," he said.
Rising food and energy prices are threatening the pandemic-battered world economy. Now developing nations that have borrowed heavily for years are finding that their weak foundations make them particularly vulnerable to global shockwaves.
With inputs from BBC
JULY 15: Mr Rajapaksa quit after fleeing to Singapore amid mass protests over his mismanagement of the economy.
Sri Lanka is in the grip of economic chaos as it faces an acute shortage of food, fuel and other basic supplies.
Mr Rajapaksa's resignation paves the way for the country to begin the process of electing a new president.
Sri Lanka's speaker of parliament, Mahinda Yapa Abeywardena, said on Friday that he accepted Mr Rajapaksa's resignation, which he received late on Thursday.
He has called for parliament to convene on Saturday to start the process of electing a new leader.
PM Ranil Wickremesinghe, who was appointed as acting president by Mr Rajapaksa before he fled, will be sworn in as interim president later on Friday.
Parliament has up to a month to elect a new leader, who could be Mr Wickremesinghe.
Mr Rajapaksa fled to Singapore on Thursday from the Maldives, as huge protests roiled Sri Lanka. He is believed to have wanted to leave Sri Lanka before stepping down in order to avoid the possibility of arrest under a new administration.
The embattled leader arrived in Singapore earlier on Thursday after first flying to the Maldives on Tuesday night. Reports say he is accompanied by his wife and two bodyguards.
Singapore's foreign ministry said Mr Rajapaksa had not asked for asylum or been granted asylum. "Singapore generally does not grant requests for asylum," it added.
Jubilation in the streets
In the capital Colombo on Thursday, delighted demonstrators greeted news of the president's departure with dancing.
"We are beyond happy, but also beyond relieved so we can take a break and go back to our lives," Viraga Perera told the BBC.
But the crowds appeared smaller than before after Mr Wickremesinghe imposed a fresh round of curfews on Thursday to quell protests.
The streets of Colombo were calmer as anti-government demonstrators began leaving some of the official buildings they had occupied.
"We are peacefully withdrawing from the presidential palace, the presidential secretariat and the prime minister's office with immediate effect, but will continue our struggle," said a spokeswoman for the protesters.
One person died and 84 others were injured during Wednesday's protests, which took place at key landmarks around the capital, Colombo, including the prime minister's office.
Protesters broke into the presidential palace on Saturday and set fire to the prime minister's private home.
Police fired tear gas at protesters attempting to break down the gates of the prime minister's office in Colombo, before finally forcing their way in. They later headed for parliament but did not get in.
Wednesday saw some of the biggest demonstrations since the protests first began in April.
A resignation that took days to come
The resignation letter Sri Lankans have been waiting for since people power toppled Gotabaya Rajapaksa has finally arrived.
The letter does several things. Firstly, Prime Minister Ranil Wickremesinghe's position as acting president is legitimised. Under Sri Lanka's constitution the prime minister becomes caretaker leader in the event of the president resigning.
Secondly, it clears obstacles blocking the holding of an election in parliament for a new president. MPs had been due to meet on 15 July and start this process, with a vote promised a week later. That was delayed by the lack of a resignation letter but now it has arrived the Speaker will be able to reconvene parliament.
The two main candidates so far are likely to be Mr Wickremesinghe and opposition leader Sajith Premadasa. But given the governing party has a majority, its MPs are likely to back Mr Wickremesinghe - who has close links with the Rajapaksas. Whether Sri Lanka's public would accept this is another matter. The prime minister's resignation, along with that of Mr Rajapaksa, has been a key demand of protesters.
Thirdly, the resignation means Gotabaya Rajapaksa no longer has legal immunity as a head of state and his position is now more precarious as he tries to find a safe country to shelter in.
By Thursday, protesters had handed back the president's official residence to the authorities when the BBC visited. There were no protesters at parliament on Thursday afternoon, a BBC correspondent confirmed.
"We captured this building to show people power. We give it back the way we captured it and leave. We will come back in the next minute if needed," Danish Ali, a protester at the prime minister's office, told BBC Tamil.
With inputs from BBC
MAY 19: While popular perception indicated China had outpaced India, the recent economic and political turmoil in Sri Lanka seems to have given India's foreign policy a fresh lease of life in the island nation.
Sri Lanka is in the middle of its worst economic crisis since independence from Britain in 1948. The country has been rocked by protests as people seethe with anger over soaring prices and shortages of food and fuel.
Last week, Mahinda Rajapaksa resigned as prime minister after his supporters clashed with peaceful protesters, sparking a deadly night of violence on 9 May.
Ranil Wickremesinghe, who took over as PM, said the country's economic problems would get worse before getting better.
He appealed for outside financial help, including from India.
India has never been a major lender to Sri Lanka, unlike China which by the end of 2019 owned a little over 10% of Sri Lanka's outstanding foreign debt stock.
In early 2021, with the economic crisis looming, the Sri Lankan government had also obtained a 10bn yuan ($148m; £119m) currency swap facility from China to tackle its foreign exchange shortage.
But now, India is slowly emerging as one of the biggest providers of aid to Sri Lanka.
Colombo has racked up $51bn (£39bn) in foreign debt. This year, it will be required to pay $7bn (£5.4bn) to service these debts, with similar amounts for years to come.
The country is also seeking emergency loans of $3bn to pay for essential imports such as fuel.
While the World Bank has agreed to lend it $600m, India has committed $1.9bn and may lend an additional $1.5bn for imports.
Delhi has also sent 65,000 tonnes of fertiliser and 400,000 tonnes of fuel, with more fuel shipments expected later in May. It has committed to sending more medical supplies too.
In return, India has clinched an agreement which allows the Indian Oil Corporation access to the British-built Trincomalee oil tank farm.
India also aims to develop a 100MW power plant near Trincomalee.
Mixed feelings over Indian help
Many in Sri Lanka feel that India's growing presence in Colombo could mean a "dilution of sovereignty".
"For the past year and a half, there has been a crisis in Sri Lanka and we believe India has used this to serve its own interests. Yes, they gave some credit, some medicines and food but [they are] not being a friend. There is a hidden political agenda," said Pabuda Jayagoda of the Frontline Socialist Party.
But others are more accepting of Indian help.
"Let's not blame India for our woes," says V Ratnasingham, an onion importer in Colombo. "We are still getting onions from India at a decent price and they are giving us credit in times of crisis. It's the Sri Lankan government's failure that onion prices have trebled."
The suspicion over India's intentions right now comes against the backdrop of Sri Lanka's ties to China.
After Mahinda Rajapaksa took charge as president in 2005, Sri Lanka's drift towards China was believed to be a preference for a "more reliable partner enabling domestic economic development".
More and more infrastructure projects - including the multi-billion dollar Hambantota port and the Colombo-Galle expressway - were awarded to China.
Chinese President Xi Jinping's maiden visit to Colombo in 2014 was also a clear diplomatic signal to Delhi.
Hambantota is nowadays commonly referred to as a "white elephant" which bled Sri Lanka's economy. So are several other expensive projects which led Sri Lanka into a huge Chinese debt-cycle.
Many anti-government protesters at Colombo's Galle Face Green are convinced that this push to modernise fast led Sri Lanka to its current situation.
The country owes China $6.5bn and talks are being held on restructuring the debt.
While China had earlier agreed to bolster Sri Lanka's foreign currency reserves by swapping the rupee for the yuan, it has since signalled displeasure over Colombo approaching the International Monetary Fund (IMF) for help.
Noora Noor, 44, has been camping at Galle Face along with her family, demanding President Gotabaya Rajapaksa, the younger brother of Mahinda, resign.
"All Chinese money that came in was never accounted for, right? Why else would my country have defaulted on payments? Now all supplies are coming from India, so my question is who should we trust - China or India?" she asks.
Still, there are some optimists who feel diplomacy will help.
"Is Sri Lanka being placed on a collision course with China? If so, we need to avoid such an eventuality due to other negative situations that may arise. Balancing relationships is a must," Austin Fernando, Sri Lanka's former high commissioner to India, wrote in The Island newspaper.
India's efforts
India has tried hard to match up to the growing Chinese clout in what it sees as its neighbourhood.
After President Xi's visit in 2014, Indian Prime Minister Narendra Modi not only visited Colombo the next year but also claimed to be "the best of friends" while addressing the Sri Lankan parliament.
Arjuna Ranatunga, a former Sri Lankan cricketer who went on to become a cabinet minister, recalls India being generous when he was in office.
"I was handling both the petroleum and port ministries in 2015 and we were struggling to construct the Jaffna airport for a lack of funds. I went to Delhi seeking help. PM Modi's government offered a subsidised loan and later converted it into a grant. What else do you want from a neighbour?"
The return of the Rajapaksas to power in 2019, this time with Gotabaya president and Mahinda prime minister, also made India realign its foreign policy options and new agreements over oil and food commodities were signed hastily.
State visits followed between Colombo and Delhi without eliciting much response from China.
The question of Sri Lanka's Tamil minorities and their demand for rights has been at the forefront of the diplomatic negotiations with India.
After the civil war ended in 2009, India extended support to the Sri Lankan government.
Sri Lanka is, however, yet to implement the 1987 India-Sri Lanka Peace Accord which promised to devolve powers to all provinces, including where the Tamils were in a majority.
The current economic crisis, however, has certainly leapfrogged over any other political concerns between the two nations.
There has been a shift in public perception in Sri Lanka - which was seen as anti-India and pro-China - thanks to consistent supplies from India of essential commodities.
"India did lose out to China about 15 years ago but is trying hard to make a decent comeback," says Bhavani Fonseka, a senior researcher at the Centre for Policy Alternatives in Colombo.
"Ethnic minorities in Sri Lanka have always looked up to India to champion their demands for equal rights, whereas the Sinhalese majority still has a mixed perception," she says. "Some also worry over India's interference in internal matters. But I feel the last few weeks have changed this completely."
With inputs from BBC
Sri Lanka's president on Wednesday promised to appoint a new prime minister, empower the Parliament and abolish the all-powerful executive presidential system as reforms to stabilize the country engulfed in a political crisis and violence triggered by the worst economic crises in memory.
MAY 9: At least 20 people were injured in the violence outside the prime minister and president's offices in Colombo.
Police fired tear gas and water cannon at government supporters after they breached police lines and attacked people using sticks and poles.
Soaring prices and power cuts have led to mass protests since last month.
According to a local hospital, at least 78 people have been injured in Monday's violence.
The island nation is facing its worst economic crisis since gaining independence from Britain in 1948.
The government has requested emergency financial help. Many Sri Lankans want President Gotabaya Rajapaksa to go.
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