Sri Lanka’s Prime Minister Ranil Wickremesinghe said on Monday he would step down and appoint an "all-party interim government" to take over after thousands of protesters gathered in Colombo over the weekend demanding official resignations over the economic crisis.

Sri Lanka’s parliament will also elect a new president on July 20, its speaker said on Monday, after protesters stormed the residences of the current president and prime minister.

Meanwhile, Opposition leader Sajith Premadasa said his party was ready to form a new government.

Leaders of the protest movement have said crowds will occupy the residences of the president and prime minister in Colombo until they officially quit office.

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