Sri Lankan President resigns

Sri Lankan President Gotabaya Rajapaksa has confirmed that he is resigning, according to the Sri Lankan Prime Minister’s Office.

This news comes after thousands of protestors entered the President’s house in the capital Colombo. The President’s move comes amid a broiling economic crisis Sri Lanka is facing.

His entire family has been accused by the Sri Lankan public of corruption and mismanaging the economy. The President will officially resign on July 13, he has been out of the public eye since the protestors stormed his Palace and set the PM House on fire.

Experts believe the political unrest in the country will quieten down now, and the country could once again be able to focus on the multiple crises it’s suffering from.

The President is yet to hand his resignation to the Speaker – under Sri Lanka’s constitution, the President must submit his resignation to the Speaker in order for it to be formally accepted.

The Prime Minister is also stepping down from his position and Sri Lanka is heading for an interim setup or new elections. Many believe the cost of new elections would be too great and violence might erupt at any time.

Sri Lanka is in dire need of a new leadership, no one is willing to give it loans after the news of the default.