The government of President Gotabaya Rajapaksa in Sri Lanka has collapsed following mass protests that were sparked by high cost of living, economic mismanagement coupled with anger over nepotism.
President Rajapaksa said he will resign on July 13 and hand over power next week after thousands of people breached security barricades and entered the presidential palace on Saturday.
The country has been suffering from rising cost of living, mounting debt which came against a background of deep public anger against the reign of Rajapaksa and his brother Wickremesinghe as prime minister.
Anger at Sri Lanka’s dire economic crisis has been simmering for months, with many laying the blame for widespread shortages and runaway inflation squarely at the feet of the ruling Rajapaksa family.
The protests had already forced all the members of the family, except Gotabaya, to quit the government over the past few months.
Although he came to power in 2019, his brother Madinda Rajapaksa rules Sri Lanka since 2005.
Angry protesters also set fire on the residence of the Prime Minister Wickremesinghe although both him and the president were not in their residences by the time of the storming by the protesters.
In a related incident, the government declared that it had gone bankrupt and could not repay it’s loans.
Videos of people celebrating their entrance into the presidential palace, bathing and relaxing on white sofas have gone viral.