Sri Lanka's President Rajapaksa Resigns

Sri Lanka’s President Rajapaksa Resigns

The decision to resign when protesters break into the presidential office

Sri Lanka’s President Gotabaya Rajapaksa, who is experiencing continuous economic hardship after declaring a default (default), has finally decided to resign.

According to the Wall Street Journal (WSJ) on the 9th (local time), Sri Lanka’s National Assembly Speaker Mahinda Yappa Abeiwardena said in a statement that “President Rajapaksa has announced his intention to resign for a peaceful transfer of power.” President Rajapaksa will step down on the 13th.

Sri Lanka has grown by double digits in the past few months the situation was unsettled due to the rising inflation rate, large-scale blackouts due to power shortages, and severe shortages of oil and pharmaceuticals. Cars without fuel lined up at gas stations, and authorities have imposed gas supply restrictions and school closures.

In the end, in May, for the first time in history, the country went into default, which is ‘bankruptcy of the country‘, and since then, protests have been held all over the country. In particular, tear gas and water cannons appeared in the capital city of Colombo, raising protests from the citizens, and eventually, the president decided to resign when protesters stormed into the president’s home and office.

Shortly before the resignation of the president, Prime Minister Ranil Wickremesinghe also agreed to resign. The prime minister’s house has already been burned down.

As President Rajapaksa resigns, whose term ends in 2024, Parliament Speaker Abeiwardena will assume the role of interim president for the time being.