Sri Lanka's speaker of Parliament said on Monday that the country will elect a new president on July 20 in the wake of protestors storming the residence of the current president and prime minister.

Both the president and prime minister have offered to resign amid the economic meltdown which has seen Sri Lankans protesting for months over fuel, food, and medicine shortages in the country.

President Gotabaya Rajapaksa is set to resign on Wednesday while his brothers and nephews have already resigned as ministers. Sri Lanka's parliament will reconvene on Friday to vote to elect a new president, Speaker Mahinda Yapa Abeywardena said on Monday.

The island nation's prime minister, Ranil Wickremesinghe said he will step down after his house was torched by protesters.

Sri Lanka is currently in talks with International Monetary Fund (IMF) to negotiate a bailout for the country after declaring bankruptcy.