Sri Lanka's President Gotabaya Rajapaksa has agreed to resign Wednesday, July 13, Parliament Speaker Mahinda Yapa Abeywardena said in a video statement on Saturday.

Sri Lanka's Prime Minister Ranil Wickremesinghe, who also said he will resign when all parties have agreed on forming a new government, has had his private residence burned down by protesters, his office said Saturday.  

The announcement followed the dramatic escalation in months of anti-government protests over a dire economic crisis on the Indian Ocean island of 22 million people.

There was no immediate word from the president himself.

Angry protesters, furious over the economic crisis in Sri Lanka, stormed the President's House on Saturday after President Gotabaya Rajapaksa fled. 

Soldiers were unable to hold back the crowds, demanding Rajapaksa's resignation after months of anti-government protests in Colombo. 

A Facebook livestream showed hundreds of people packed into rooms and hallways of the official residence of the president, some even swimming in the pool.

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