Sri Lankan Prime Minister resigns as protesters storm the president's official residence in response to financial crisis

• Thousands of protesters in Sri Lanka's commercial capital of Colombo have stormed the presidential residence.
• President Gotabaya Rajapaksa was moved for his own safety.

Sri Lankan Prime Minister Ranil Wickremesinghe has offered his resignation after thousands of protesters in the commercial capital of Colombo storm the presidential residence, Reuters reports.

The angry crowds have also forced President Gotabaya Rajapaksa to flee his residence, as ministry sources told Reuters that the head of state had been moved over fears for his safety.

—Shiv Aroor (@ShivAroor) July 9, 2022

On Saturday, protesters stormed his residence chanting for him to resign.

Videos show them flooding the city and even swimming in his pool.

—Ashok Swain (@ashoswai) July 9, 2022

Videos from local TV news NewsFirst channel show protesters breaking into the grounds of the colonial-era president's residence.

—Newsfirst.lk Sri Lanka (@NewsfirstSL) July 9, 2022

The local news site also stated that military personnel have joined the civilian protesters in Sri Lanka's biggest city.

—Newsfirst.lk Sri Lanka (@NewsfirstSL) July 9, 2022

The protests are an attempt to force the President to resign amidst a dire economic crisis.

Wickremesinghe declared the country of 22 million people "bankrupt" on Tuesday.

Experts blame political mismanagement and rising debts to China as the reason behind the crash.

Flights out of the country are set to be halted as the state runs out of fuel.

Sri Lankans have recently had to wait for days in order to get fuel, whilst basic foodstuffs have doubled in price.

Inflation in the South Asian country has reached 54.6%.

This story is developing. Please check back for updates.