The new President will have a mandate to serve out the rest of Rajapaksa's term, which ends in November 2024.
The Parliament would be summoned on Saturday (July 16) to take nominations for the next President and then to have an election among 225 MPs.
On Saturday, Rajapaksa had announced to step down on July 13 after thousands of protesters stormed his official residence, blaming him for the unprecedented economic crisis that has brought the country to its knees.
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