Sri Lanka's president and prime minister to resign after tumultuous protests

Sri Lanka's president and prime minister agreed to resign Saturday due to the nation's severe economic crisis

Prime Minister Ranil Wickremesinghe said he will leave office once a new government is in place, and hours later the speaker of Parliament said President Gotabaya Rajapaksa would step down Wednesday. 

 The crowds storming both officials' homes and setting fire to one of the buildings in a rage over the nation's severe economic crisis.

 Pressure on both men grew as the economic meltdown set off acute shortages of essential items, leaving people struggling to buy food, fuel and other necessities.

 Thousands of people entered the capital, Colombo, and swarmed into Rajapaksa's fortified residence. Some made tea, while others issued statements from a conference room demanding that the president and prime minister go.

Wickremesinghe announced his own impending resignation but said he would not step down until a new government is formed, angering protesters who demanded his immediate departure.

Sri Lanka announced in April that it was suspending repayment of foreign loans due to a foreign currency shortage. Its total foreign debt amounts to $51 billion, of which it must repay $28 billion by the end of 2027.

Sri Lanka announced in April that it was suspending repayment of foreign loans due to a foreign currency shortage. Its total foreign debt amounts to $51 billion, of which it must repay $28 billion by the end of 2027.