Sri Lanka President Gotabaya Rajapaksa's resignation has been accepted after he was fled the country following months of heated protests over his handling of the country's economic crisis, the parliamentary speaker confirmed Friday.

What's new: Speaker Mahinda Yapa Abeyweardana told reporters Parliament will convene on Saturday and he expected the process to elect a new president to be completed within seven days.

Driving the news: Rajapaksa officially resigned from office on Thursday, one day after fleeing the country. He agreed to party leaders' demands to step down after protesters stormed the presidential palace on Saturday.

• The resignation was supposed to go into effect on Wednesday, but the day passed without a formal letter, raising questions about whether he still intended to step down.
• Rajapaksa landed in Singapore on a flight from Maldives, per CNN.

For the record: Sri Lanka Prime Minister Ranil Wickremesinghe also agreed to resign over the weekend.

Catch up fast: Videos posted online showed people swimming in the presidential palace's pool and cooking in the kitchen while waving or holding the country's national flags on Saturday.

Details: "The speaker has received a letter of resignation from President Gotabaya Rajapaksa via the Sri Lankan High Commission in Singapore," a statement from Parliament speaker Mahinda Yapa Abeywardena's office reads.

• The resignation will become official on Friday, after the letter from Rajapaksa is authenticated and "after completing all the legal procedures."

Go deeper: How Sri Lankan protesters pushed out their president

Editor's note: This article has been updated with details of developments on Friday.