Sri Lankan Speaker Mahinda Yapa Abeywardena on Friday officially announced the resignation of President Gotabaya Rajapaksa.

The Speaker said that as per the Constitution, Prime Minister Ranil Wickremesinghe will be appointed as the President of Sri Lanka until the new President is elected.

"As one of the oldest democracies in South Asia, I urge all the political parties and the people to assist to follow the democratic practices and take necessary steps to resolve the current situation," the Speaker said.

The Parliament would be summoned on Saturday (July 16) to take nominations for the next President and then to have an election among 225 MPs.

The island nation saw months of protests over food, fuel shortage, and mishandling of the economy. Inflation in the crisis-hit country is more than 50 percent. (AA/IANS)