Sri Lanka Latest: President to Resign July 13, Speaker Says

(Bloomberg) -- Sri Lanka’s President Gotabaya Rajapaksa will resign on Wednesday after protesters swarmed his residence and offices, a possible turning point for the bankrupt country, signaling a possible turning point for the bankrupt country. 

Rajapaksa will step down to allow for a smooth transfer of power, Parliament Speaker Mahinda Yapa Abeywardena announced on television late Saturday. He added that the president was conceding to requests from various party leaders to step down to put an end to soaring public anger in a nation struggling to pay for food and fuel.

Rajapaksa left his residence before the protests and his whereabouts are unknown, his secretary said earlier Saturday.

Protesters set fire to Sri Lankan Prime Minister Ranil Wickremesinghe’s private residence Saturday, hours after he said he would step down following mass demonstrations over the government’s role in triggering an economic crisis that has left the population struggling to find essential goods. 

Wickremesinghe is safe, his office said in a text message, without elaborating. The PM has held the job for about two months after earlier protests forced out his predecessor.

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PM Expresses Regret After Security Assaulted Media (9:30 p.m.)

“The prime minister expresses grave regret over the assault on journalists who are covering the ongoing protests, by security personnel,” a statement from his media unit said.

Government troops had used batons to try and push back journalists who were covering the protests taking place outside Wickremesinghe’s private home. Protesters later set fire to the residence.

“Freedom of media is paramount to democracy in Sri Lanka. The prime minister requests both the security forces and the protesters to act with restraint to prevent any violence and ensure the safety of the public,” the statement added.

Protesters Enter the Prime Minister’s Official Residence  (7:04 p.m.)

Protesters entered the official residence of the prime minister in Colombo, waving national flags, according to video footage on social media.

A smaller group also protested near Wickremesinghe’s private residence despite security officials firing tear gas, local media reported.  

Ceylon Chamber of Commerce Calls for President to Resign (6:15 p.m.)

The Ceylon Chamber of Commerce called on Rajapaksa to resign immediately as “he has lost the trust and confidence of the people as aptly demonstrated by the heightened protests witnessed today on an unprecedented scale around President’s House and President’s Office.”

The business group asked the political party leaders to come to a decision and pave the way for a smooth transition of power. 

Sri Lanka PM Says Willing to Resign  (5:48 p.m.)

Wickremesignhe told party leaders he is willing to step down as prime minister and make way for a new government, according to his media office. 

He was taking this decision as fuel distribution was due to restart, the World Food Program director would be visiting soon and the debt sustainability report for the IMF will be finalized shortly.

“So as to ensure safety of the citizens, he is agreeable to this recommendation by the Opposition Party Leaders,” his media office said in a statement.   

Party Leaders Seek Resignations of President, PM (5:30 p.m.)

Several party leaders have agreed to ask Rajapaksa and Wickremesinghe to resign with the speaker becoming the acting president, two lawmakers tweeted.  

Parliament would then elect a lawmaker to become president for the remainder of the term, opposition lawmaker Harsha De Silva said in a tweet.  An all-party government should then be appointed and elections held soon, he added. 

Sri Lankan Muslim Congress lawmaker Rauff Hakeem said Wickremesinghe initially disagreed with the proposal. 

Prime Minister Holds Initial Talks with Party Leaders (3:30 p.m.)

Wickremesinghe held initial talks with some party leaders before the parliament speaker chairs a meeting shortly to decide on the next steps to resolve the crisis in Sri Lanka, the prime minister’s media office said in a text message. 

Local media reported that Rajapaksa had informed Wickremesinghe that he would respect the decision taken at the party leaders meeting. 

Several Government Lawmakers Ask for Rajapaksa to Resign (2:19 p.m.)

A group of lawmakers from the ruling Sri Lanka Podujana Peramuna have written to Rajapaksa to step aside and provide an opportunity for another leader to take over with a clear parliament majority, the party’s general secretary Sagara Kariyawasam said. Local media reported at least 16 lawmakers had signed the letter. 

Protesters Cool Off in Swimming Pool at President’s Official Home (2:15 p.m.)

The protesters took the opportunity to cool off in the swimming pool in Rajapaksa’s official residence after storming the compound, video footage published by local media and on social media showed. 

President Left Official Residence in Morning (2:10 p.m.)

The president left his official residence at about 10:00 a.m. this morning, his secretary Gamini Senarath said over the phone, adding that he could not contact the leader currently and didn’t know his whereabouts.

Earlier, Agence France-Presse cited an unidentified defense official as saying that Rajapaksa was escorted to safety away from the compound.

Prime Minister Calls Emergency Meeting of Party Leaders ( 2:02 p.m.)

Wickremesinghe has called for an emergency meeting of party leaders to discuss the situation and come to a “swift resolution,” according to a text message from his media office. 

Wickremesinghe had also requested the speaker to summon parliament. 

Protesters Gather at Cricket Stadium as Test Match Continues  (12:13 p.m.)

A group of protesters gathered at Galle Fort in Colombo that overlooks a cricket stadium where a Sri Lanka-Australia test match was going on. Other groups were hanging around the stadium, chanting “Gota Go Home!”

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