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Sri Lankan President Gotabaya Rajapaksa has resigned, Parliament Speaker Mahinda Yapa Abeywardenaon officially announced on Friday, a day after receiving his resignation letter on mail. 

Sri Lankan Speaker officially announces Gotabaya's resignation, PM to act as interim Prez

Gotabaya Rajapaka on Thursday emailed his resignation letter to the Speaker soon after he was allowed by Singapore to enter the city-state on a &ldquo;private visit&rdquo;.

Sri Lankan President Gotabaya Rajapaksa has resigned, Parliament Speaker Mahinda Yapa Abeywardenaon officially confirmed on Friday, after a week of dramatic developments and massive protests against the government for mishandling the economy that bankrupted the country.
Rajapaksa on Thursday emailed his resignation letter to the Speaker soon after he was allowed by Singapore to enter the city-state on a &ldquo;private visit&rdquo;.
In a brief press statement, the Speaker said that Prime Minister Ranil Wickremesinghe will act as President until a new leader is elected.
He urged the public to allow a peaceful environment for all lawmakers to take part in the process which should finish within 7 days. The Sri Lankan Parliament will meet on Saturday.
The Speaker received the resignation letter from Rajapaksa through the Sri Lanka High Commission in Singapore on Thursday night. However, he wanted to make the official announcement after the verification process and legal formalities, his media secretary Indunil Abeywardena had said.
On Saturday, Rajapaksa announced to step down on July 13 after thousands of protesters stormed his official residence, blaming him for the unprecedented economic crisis that has brought the country to its knees.
He, however, fled to the Maldives without resigning from his office. From the Maldives, he went to Singapore on Thursday.
A spokesperson for the Singapore Ministry of Foreign Affairs said that Rajapaksa has been &ldquo;allowed entry into Singapore on a private visit&rdquo;.
He has not asked for asylum and neither has he been granted any asylum, the spokesperson said, adding Singapore generally does not grant requests for asylum.
Rajapaksa was the first person with an army background to be elected as Sri Lanka&rsquo;s President in 2019.
Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, the worst in seven decades, leaving millions struggling to buy food, medicine, fuel and other essentials. In several major cities, including Colombo, hundreds are forced to stand in line for hours to buy fuel, sometimes clashing with police and the military as they wait.

Amid unprecedented fuel shortage, Sri Lankans have ditched their fuel-dependent vehicles for bicycles, leading to an increased demand for two-wheeler amid short supply.

Sri Lankans look to cycle their way out of economic crisis

Thousands of Sri Lankans from lower to middle-class have started using cycles for work commute and grocery shopping, among other daily chores.&nbsp;

In the face of unprecedented fuel shortage amid a financial meltdown, Sri Lankans have ditched their fuel-dependent vehicles for the good-old bicycle leading to an increased demand for the two-wheeler amid short supply.
This transition not only helps them save money but also avoid long serpentine queues at fuel-filling stations.
&ldquo;We can't afford petrol or the time it takes in queues - staying in queues doesn't assure petrol either. Many people have switched to cycles &amp; public transport,&rdquo; said a Colombo resident while standing outside a cycle shop.
Thousands of Sri Lankans from lower to middle-class have started using cycles for everything from work commute to grocery shopping, among other daily chores. This as public transport has also come to a grinding halt.
With Sri Lanka&rsquo;s foreign reserves dwindling and the Ceylon Petroleum Corporation&mdash;a public company&mdash;$700 million in debt, the country has not been able to secure oil shipments in over two weeks. The fuel crisis has forced the government to shut schools, let government employees work from home, and restrict fuel to essential services only.
The next oil shipment is reportedly expected to arrive by July 22.
As a consequence, the demand for bikes on Colombo's streets has rocketed even as stocks are limited. This imbalance in demand and supply has led to an exorbitant rise in the prices of new and used machines. In some cases, the prices have more than doubled.
Even spare parts and bicycle accessories such as helmets and locks are in short supply.
The shortage pertains to a cap on new supplies put in place by authorities who have restricted imports to basic necessities to conserve the country&rsquo;s shrinking foreign exchange. &nbsp;
Also watch: <a href="https://www.editorji.com/world-news/rajapaksas-the-rulers-and-wreckers-of-sri-lanka-1657518522651" target="_blank">Rajapaksas: the rulers and wreckers of Sri Lanka</a>
The economic crisis developed after the COVID-19 pandemic hammered the tourism-reliant economy and slashed remittances from overseas workers. It was compounded by rising government debt, oil prices, and a ban on the import of chemical fertilisers last year as part of a sudden shift to organic farming that left the agriculture sector devastated.

In a video that has gone viral, anti-government protesters can be seen mock-wrestling on PM Ranil Wickremesinghe's bed at his official residence. They can be seen pinning each other down as they imitate the wrestlers inside a WWE ring.

Watch: Sri Lankan anti-govt protesters 'wrestle' on PM's bed 

In a video that has gone viral, anti-government protesters can be seen mock-wrestling on PM Ranil Wickremesinghe's bed at his official residence.&nbsp;

After setting Sri Lankan Prime Minister Ranil Wickremesinghe's private house on fire, anti-government protesters, who occupied the PM's official residence on Sunday, found innovative and amusing ways to claim the space.
In a video that has gone viral, protesters can be seen mock-wrestling on the PM's bed with WWE wrestling commentary edited to background.
They can be seen pinning each other down as they imitate the wrestlers inside a WWE ring.
The video, which was originally posted by Twitter user "Sri Lanka Tweet", has received thousands of views so far.
Also watch: <a href="https://www.editorji.com/world-news/hoping-for-a-better-future-sri-lankans-enjoy-a-day-out-at-the-presidential-palace-1657462887480">Hoping for a better future, Sri Lankans 'enjoy a day out' at the presidential palace</a>
On Sunday, thousands of irate protesters on Saturday stormed into embattled President Gotabaya Rajapaksa&rsquo;s official residence in central Colombo's high-security Fort area after breaking the barricades, as they demanded his resignation over the island nation's worst economic crisis in decades.
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