According to people with knowledge of the matter, Ranil Wickremesinghe will double up as finance minister and lead talks with the International Monetary Fund.
The people said that a formal announcement could be made as early as Wednesday morning. The people said that he will be the minister for economic stabilization and national policies.
The talks with foreign envoys, including from India, China and the U.S., and with representatives from the Asian Development Bank and World Bank, were about ways to replenish food, fertilizer and medicine supplies. $4 billion is needed over the next eight months to pay for essential imports.
Messages and calls to the office weren't immediately answered.
The island nation fell into default for the first time in its history after a 30-day grace period expired for missed interest payments on two of its bonds. The country's central bank warned that headline inflation will increase to 40% in the next few months.
The appointment of Wickeremesinghe as Finance Minister comes as opposition parties refused to take key cabinet roles in the so-called unity government. Following the resignation of the president's brother and predecessor, public protests continue to call for the president to step down.
As a member of the opposition, Wickeremesinghe had criticized the president's policies, pointing to falling foreign-currency reserves and urging the government to seek help from the International Monetary Fund.
He will have to raise taxes in order to bridge the widening gap between revenue and expenditure.
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