President Maithripala Sirisena has signed the proclamation to dissolve Parliament with effect from midnight today, co-Cabinet Spokesman State Minister Keheliya Rambukwella told Sri Lanka's Daily Mirror.

Meanwhile, general elections in the island nation will be held on Jan 5.

The extraordinary gazette notice had been issued with respect to holding the General Elections and accordingly it would be held on Jan 5, 2019, UPFA MP Lakshman Yapa Abeywardena told Daily Mirror.

Speaking to the Sri Lankan newspaper, he said the first meeting of the new Parliament would be held on Jan 17, 2019. 

“The nominations would be tendered from November 9 to 26,” Lakshman Yapa said.

Sri Lanka is passing through a political crisis since late October.

Last month, Sri Lanka President Maithripala Sirisena on Friday sacked Prime Minister Ranil Wickremesinghe and appointed former president Mahinda Rajapaksa as the new premier.

He took oath as the new premier of the country on Oct 26.

Relations between Sirisena and Wickremesinghe's political parties, who have governed in coalition since 2015, received setback since both suffered humiliating losses in February's local council elections.

According to reports, they have clashed in cabinet last week over government plans to lease a container terminal to neighbouring India.