According to Parliamentary Speaker Mahinda Yapa Abeywardena, President Gotabaya Rajapaksa will be stepping down on 13 July.
The announcement comes amidst escalating protests in which protesters set Prime Minister Ranil Wickremesinghe's home ablaze and stormed the President's property. Rajapaksa has since fled his home and his location remains unknown.
Rajapaksa has informed the speaker of his plans to step down as president this coming Wednesday, the speaker stated that "the decision to step down on 13 July was taken to ensure a peaceful handover of power"
Earlier today Prime Minister Wickremesinghe agreed to resign and make way for an all-party government.
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