Many in Sri Lanka blame Rajapaksa for the country’s worsening situation, with skyrocketing inflation and shortages of basic goods such as fuel and food affecting daily life. But while Rajapaksa is now off the scene, having landed in Singapore on Thursday following an earlier escape to the Maldives via military plane, his close political ally Wickremesinghe remains firmly in place — and was sworn in as Deputy President on Friday. A senior government source told CNN that Rajapaksa appeared before the Sri Lankan High Commission in Singapore on Thursday to sign a physical letter of resignation before the High Commissioner. The letter was then flown to Sri Lanka and delivered in person to the Speaker of the Sri Lankan Parliament, Mahinda Yapa Abeywardenena, who officially announced that Rajapaksa had resigned. The information sheds new light on the hours-long delay between news of Rajapaksa’s resignation, initially emailed to the speaker on Thursday, and Abeywardenena’s official confirmation on Friday. The news sparked joyous celebrations in Colombo on Thursday night, with crowds of cheering protesters lighting firecrackers and fireworks. People from all walks of life, young and old, poured into the streets for the celebrations, which lasted until late at night. Many of those who took to the streets said they were excited by the news, after months of protests and economic hardship. Rajapaksa’s departure represented a victory against government corruption and mismanagement, they said. “We had one goal — to get rid of this absolutely corrupt regime,” said Dishan Seneviratne, 45. “I’m not a person who (usually) goes out on the street. But I came because I was afraid for my son’s future . . . (for) the next generation. We have fought for this.” But others remained on the sidelines with Wickremesinghe — also widely unpopular and closely associated with Rajapaksa — now in power wielding presidential power. Some protesters have said they plan to continue the demonstrations until Wickremesinghe also steps down — and both men are held accountable for the country’s alleged economic mismanagement. “We continue to fight. We fight until (Rajapaksa) is properly charged and until (some action is taken) … we fight as a nation until he is given the appropriate punishment for whatever he has done,” Marian Malki said. 29, who joined the celebrations on Thursday night. Wickmenesinghe will remain acting president until Parliament elects a new Speaker, with lawmakers expected to meet on Saturday to begin the process. No date has yet been set for the vote, but under the constitution Wickremesinghe will only be allowed to hold office for a maximum of 30 days. Once elected, the new President will serve out the remaining two years originally allotted for Rajapaksa’s term. Friday’s announcement marks the end of a chaotic week, with the future of Sri Lanka’s leadership in limbo after Rajapaksa fled without formally resigning. For nearly two days, it was unclear whether he would agree to resign. what if he refused to do so? and even his whereabouts at times. Tension was high, with authorities imposing curfews and firing tear gas to disperse protesters. But even with Rajapaksa officially out and a new president elected, bigger problems loom for the economically battered country as it faces its worst recession in seven decades.

The financial crisis

Largely peaceful protests have been escalating in Sri Lanka since March, when public anger erupted in the streets over rising food costs, fuel shortages and power cuts as the country struggled to make debt repayments. But public anger erupted last weekend when protesters occupied the residences of both Rajapaksa and Wickremesinghe. Both leaders announced shortly afterwards that they would resign, with the resignations expected on Wednesday. But Rajapaksa left the country that day on a pre-dawn flight without resigning, leaving Wickremesinghe in charge. Rajapaksa was headed to the Maldives — where the former president had long-standing ties to the Rajapaksa dynasty — but left just over 24 hours later, boarding a “Saudi flight” to Singapore on Thursday, according to a senior security source in Colombo. Singapore said Rajapaksa had been allowed to enter the country on a “private visit” but had neither sought nor been granted asylum. Shortly after his arrival, Abeywardenena, the Speaker of Parliament, announced that Rajapaksa had tendered his resignation. But experts say questions remain about Sri Lanka’s future. If anything, the political turmoil and lack of clarity pose problems for the country’s economic recovery, said Ganeshan Wignaraja, senior research fellow at UK think tank ODI Global. “What I notice is that Sri Lanka is a dirty democracy,” he said. “And in that context, today’s debates in parliament took a bit too long. And it shows the politically dysfunctional nature of our politics today.” “This political instability can really turn the economy upside down,” he added. “It can scare away investors, it can scare away tourists, it can scare away remittances and even aid. I’m afraid the financial crisis will take a long time to settle and people will suffer more if Parliament doesn’t decide.”