Sri Lankan President Gotabaya Rajapaksa

Sri Lankan President Gotabaya Rajapaksa on Saturday informed the country's parliament speaker Mahinda Yapa Abeywardena that he will resign from office on July 13.

▲ Sri Lankan President Gotabaya Rajapaksa. Photo/VCG

The speaker's office told Xinhua that the president disclosed his decision following a request made by political party leaders.

Prime Minister Ranil Wickremesinghe has agreed to resign earlier in the day after party leaders in the parliament urged both him and the president to step down.

On Saturday, protesters stormed the president's residence and office, and the prime minister's house was set on fire.

Demonstrators break into residences

About 100,000 protesters amassed outside of the president's official residence on Saturday, demanding Rajapaksa's resignation. Video broadcast on Sri Lankan television and on social media showed protesters enter the president's House - Rajapaksa's office and residence in the commercial capital of Colombo - after breaking through security cordons placed by police. Images showed demonstrators inside the building hanging banners from the balcony, as well as swimming in the residence's pool.

Local media reported that protesters breached the prime minister's official residence, known as Temple Trees, and also set his private home on fire, according to his office.

▲ Police use water canons to disperse farmers taking part in an anti-government protest in Colombo on Wednesday over the country's economic crisis. AGENCE FRANCE-PRESSE

Why is this happening?

The South Asian nation is suffering its worst financial crisis in recent history, leaving millions struggling to buy food, medicine and fuel.

Tens of thousands have taken to the streets in recent months, calling for the country's leaders to resign over accusations of economic mismanagement.

Schools have been suspended and fuel has been limited to essential services. Patients are unable to travel to hospitals due to the fuel shortage and food prices are soaring. Trains have reduced in frequency, forcing travelers to squeeze into compartments and even sit precariously on top of them as they commute to work.

In several major cities, including Colombo, hundreds are forced to stand in line for hours to buy fuel, sometimes clashing with police and the military as they wait.

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Source: Xinhua CNN