Demonstrators storm the President's House residence, after President Gotabaya Rajapaksa fled, in Colombo, Sri Lanka, July 9, 2022 [Dinuka Liyanawatte/Reuters]

Sri Lankan President Gotabaya Rajapaksa has agreed to step down next week, the country’s parliamentary speaker, Mahinda Yapa Abeywardana said to the media.

The announcement was made shortly after angry protesters demanding economic reforms stormed the president’s official residence in the capital Colombo on Saturday.

Al Jazeera reports that protesters later broke into Prime Minister Ranil Wickremesinghe residence in the capital Colombo and set it on fire.

Rajapaksa will remain as president until Wednesday to ensure a smooth transfer of power, Abeywardena said in a televised address.

“The decision to step down on 13 July was taken to ensure a peaceful handover of power,” he said to the media.

“I therefore request the public to respect the law and maintain peace,” he added.

The news of the resignation decision allegedly triggered an eruption of celebratory fireworks in parts of Colombo.

Earlier in the day, President Rajapaksa was evacuated from the President’s House in the capital, before thousands of protesters stormed his residence, demanding his resignation.

A video footage streamed live from the presidential palace showed hundreds of protesters packing into rooms and corridors, shouting slogans calling for the downfall of the 73-year-old leader.

Some protesters were also seen bathing in the swimming pool inside the president’s home before others broke into the home of Prime Minister Ranil Wickremesinghe and set it on fire.

The Asian island nation of 22 million has been through economic crisis for decades, a situation that’s blamed on President Rajapaksa.

There have been peaceful protests since March, with the latest resulting in the injury of 39 people, including two police officers according to Reuters.

Sri Lanka is said to be struggling under a severe shortage of foreign exchange reserve that has limited essential imports.