LIVE UPDATES: Sri Lankan President to Step Down on July 13, Media Reports Citing Parliament Speaker

The island nation has been suffering from a grave economic crisis over the past several weeks; it is considered to be the nation's worst economic downturn since the country gained independence in 1948.

"Thousands" of protesters in Sri Lanka breached the barriers around the presidential residence on Saturday, focring their way into the building, reports suggest.

AFP reported, citing a source, that Sri Lankan President Gotabaya Rajapaksa has fled the residence.

"The president was escorted to safety", a source told AFP, noting that troops had to shoot in the air to keep the crowd away from the building.

A live video circulating online purportedly shows a vast angry mob near the house, with some of them trying to get in. Other clips, uploaded on the social media, show protesters inside the building, chanting slogans and wandering around.

Ordinary Sri Lankan's breach multiple barriers on their way to President's house#lka #SriLanka #SLnews #News1st #ProtestLK #CrisisLK #EconomyLK #GotaGoGama #Aragalaya #Eng. pic.twitter.com/hKjliHI5wc

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

Protestors enter the President's House at Janadhipathi Mawatha in Colombo.#LKA #SriLanka #SriLankaCrisis pic.twitter.com/ol39OcpLm3

— Sri Lanka Tweet 🇱🇰 💉 (@SriLankaTweet) July 9, 2022

Anti-Government Protestors in Sri Lanka reportedly captured an anti riot water cannon truck belongs to police outside the Presidential Palace pic.twitter.com/7BQtg1KRCr

— Abdul Quadir - عبد القادر (@Journaltics) July 9, 2022

Protesters in Sri Lanka seized the residence of the country's president, according to local media.

The inhabitants of the island are experiencing an acute economic and political crisis. They are forced to stand in queues for fuel for three or four days. pic.twitter.com/q2Ot9Yl6JW

— Spriteer (@spriteer_774400) July 9, 2022

Protesters at the #GalleFace Green have taken control of the Presidential Secretariat and President’s House, Fort. #Columbo #SriLanka #lka #lka #SriLanka #EconomicCrisisLK #SriLankaCrisis #SriLankaProtests pic.twitter.com/3Fr0fCxLPJ

— sudhakar (@naidusudhakar) July 9, 2022

Massive protest in #SriLankaProtests - Sri Lanka President Gotabaya Rajapaksa flees as protesters surround residence: defence source pic.twitter.com/cIAKVKPrqJ

— Utkarsh Singh (@utkarshs88) July 9, 2022

In the meantime, PM Ranil Wickremesinghe announced emergency parliament session to address the ongoing protests.

The storming of the residence comes after protesters staged a major demonstration in Colombo, demanding the president's resignation, as they blame Rajapaksa and his family for the deteriorating economic situation. At least 33 demonstrators were hospitalized at the Colombo National Hospital, including two people in a critical state, Ada Derana news portal reported.

Students shout anti government slogans during protest march in Colombo, Sri Lanka, Friday, July 8, 2022.

© AP Photo / Amitha Thennakoon

The economic crisis was caused by a shortage of foreign exchange resulting from a decrease of the tourist flow due to coronavirus pandemic restrictions. This has led to a lack of fuel, food and medicine. It has also resulted in constant blackouts across the country.

Back in May, mass demonstrations forced Mahinda Rajapaksa, a brother of the president, to resign from the post of the prime minister. A month later, another brother of the president, former Finance Minister Basil Rajapaksa announced his resignation from his parliamentary seat.