Parliament speaker says Sri Lankan president to step down as protests gather momentum

Sri Lanka’s President Gotabaya Rajapaksa is to step down amid countrywide protests against his mismanagement of the country’s economic affairs.

Parliament Speaker Mahinda Yapa Abeywardena said in a video statement on Saturday that Rajapaksa has informed him that he would step down from his post on Wednesday.

"The decision to step down on 13 July was taken to ensure a peaceful handover of power," Abeywardena said, adding, "I therefore request the public to respect the law and maintain peace."

The new development came as the country is facing a drastic foreign exchange shortage that has limited essential imports of fuel, food, and medicine. 

In a development that has contributed seriously to nationwide outrage over the past weeks, Sri Lanka stopped receiving fuel shipments, forcing school closures and rationing of petrol and diesel for essential services.

Inflation reached 54.6% in June, and is expected to hit 70% over the coming months.

Sri Lanka president flees as angry protesters storm residence

Angered by an unprecedented economic crisis, thousands of protesters in Sri Lanka

The protesters stormed the luxurious residents of Rajapaksa and Prime Minister Ranil Wickremesinghe, whose house they set on fire earlier in the day.

Rajapaksa had to be extracted from his residence by troops who fired into the air to keep the crowd outside at bay. Soon after they stormed the presidential palace, Rajapaksa's nearby seafront office also fell into the hands of protesters.

Prime Minister Wickremesinghe, the first person in line to succeed Rajapaksa, called a meeting with political leaders and said he was willing to step down to pave the way for a unity government.

Sri Lanka’s prime minister announces resignation, his residence on fire

The country grapples with the worst economic crisis in seven decades.

The decision by the president and prime minister to step aside came after Wickremesinghe held talks with several political party leaders to decide what steps to take following the unrest.

The parliament speaker said in a letter to Rajapaksa that several decisions had been made at the meeting of party leaders, including the president and the prime minister resigning as soon as possible and parliament being called within seven days to select an acting president.

"Under the acting president, the present parliament can appoint a new prime minister and an interim government," said the letter, adding, "Afterwards, under a set time an election can be held for the people to elect a new parliament."

Security forces attempted to disperse the huge crowds that had mobbed Colombo's administrative district earlier in the day, with dozens injured in the resulting clashes.

A spokeswoman for Colombo's main hospital said three people were being treated for gunshot wounds, along with 36 others suffering breathing difficulties after being caught up in tear gas barrages.

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