The President agreed to a peaceful transfer of power.
President of Sri Lanka Gotabaya Rajapaksa plans to leave office president on July 13, the speaker of the country's parliament said on Saturday, just hours after protesters stormed the presidential house to protest the financial crisis.
Speaker Mahinda Yap Abeywardena in said in a video message that Rajapaksa told him he would step down from his post on Wednesday.
“The decision to resign on July 13 was made to ensure a peaceful transfer of power,” Abeywardena said. “Therefore, I ask the public to respect the law and maintain peace.
Previously, Sri Lankan Prime Minister Ranil Wickremesinghe announced his readiness to resign. “Wickremesinghe has informed party leaders that he is ready to step down as prime minister and make way for an all-party government,” his office said in a statement.
Rajapaksa left his official residence on Friday as a precaution ahead of a planned weekend demonstration, two defense ministry sources told Reuters.
Leaders of several opposition parties have also called for Rajapaksa to step down.
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At least 39 people, including two policemen, were injured and hospitalized during the protests, hospital sources said.
The Indian Ocean island of 22 million people is struggling with an acute shortage of foreign currency that has limited imports of essential fuel, food and medicine, plunging it into its worst economic crisis since independence in 1948.
Rapid Rising inflation, which reached a record 54.6 percent in June and is expected to reach 70 percent in the coming months, has created hardship for the public.
Political instability could undermine Sri Lanka's talks with the International Monetary Fund, as he seeks a $3 billion bailout, restructuring some foreign debt and raising funds from multilateral and bilateral sources to ease the dollar drought.
“It's a risky situation. If a clear transition is not made, the resignation of the president and prime minister will create a power vacuum that could be dangerous. The speaker can appoint a new multi-party government, but it remains to be seen whether the protesters will accept it,” said political scientist Kusal Perera.
