Sri Lanka President Gotabaya Rajapaksa will resign on July 13, parliamentary speaker Mahinda Abeywardana said.

"To ensure a peaceful transition, the president said he will step down on July 13," Abeywardana said in a televised statement.

Abeywardena also urged the public to remain calm and advised state officials to ensure the smooth functioning of day to day life.

The announcement came hours after protesters stormed the president’s official residence to vent their anger over the country’s severe economic crisis. Protesters also broke into the prime minister’s private residence and set it on fire.

(With input from agencies)