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

Protestors inside the compound of Sri Lanka's Presidential Palace in Colombo, on July 9.

Protestors inside the compound of Sri Lanka's Presidential Palace in Colombo, on July 9.

Source:  — AFP/Getty Images

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Sri Lanka’s President Gotabaya Rajapaksa will resign on Wednesday after protesters swarmed his residence and offices, 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.