Colombo: The Parliament of Sri Lanka has accepted the resignation letter of President Gotabaya Rajapaksa. The letter was delivered last night by flight from Singapore and its authenticity has since been confirmed.

According to Speaker Mahinda Yapa Abhayawardana, a new president will be elected "quickly and successfully", and the process is expected to be finished in seven days. Anger over the country's economic crisis led to months of protests, which ended with the resignation of Mr. Rajapaksa.

On Wednesday, when Rajapaksa fled Sri Lanka, protesters broke into the homes of the President and the Prime Minister. Protesters who have accused the prime minister of shielding Mr Rajapaksa were further angered by his appointment as acting president. Accompanied by his wife and two security guards, Mr Rajapaksa initially took a military jet to the Maldives before heading to Singapore.

The troubled president initially announced his resignation via email. After the official announcement of resignation, there was an atmosphere of joy in the capital Colombo, people bursting with fireworks and dancing in the streets. The remainder of Mr. Rajapaksa's term, which ends in 2024, will be served by his new choice as president. A new prime minister may be elected by that person, who would then require the consent of the parliament.

Hundreds of thousands of people stormed government buildings in Colombo last weekend as part of street protests against Sri Lanka's economic crisis that had been simmering for months. The protesters blamed the Rajapaksa family and their allies for inflation, shortage of essential commodities and corruption.

As the economy was expanding and the middle class was expanding and resting before the crisis, its rapid economic decline has been even more shocking. The latest government chaos has stalled Sri Lanka's initial discussions with the International Monetary Fund regarding a possible bailout loan.

China has a reason to want Sri Lanka's debt restructured.

After leaving Colombo President of Sri Lanka going to Singapore