(FILES) In this file photo taken on January 3, 2020, Sri Lanka's new President Gotabaya Rajapaksa makes his first policy address at the national parliament after his landslide electoral victory, in Colombo. - Millions of rupees in cash left behind by President Gotabaya Rajapaksa when he fled his official residence in the capital will be handed over to court on July 11, 2022, police said. (Photo by Ishara S. KODIKARA / AFP)

Sri Lanka’s President Gotabaya Rajapaksa announced his resignation on Wednesday after mass protests over the severe economic crisis in the South Asian country. According to observers, however, he could try to leave the country before he resigns in order to avoid possible arrest.

The head of state is accused of mismanagement of the economy. He enjoys immunity from prosecution only while he is still president.

Rajapaksa fled the presidential palace in the capital Colombo on Saturday just before thousands of protesters stormed the property. The island state is currently experiencing a massive economic crisis.