The President of Sri Lanka declared a state of emergency on Friday amid widespread public protests demanding his resignation due to the country’s recent worst economic crisis.

President Gotabaya Rajapaksa issued a decree declaring a general state of emergency effective from Friday. Sri Lanka is nearing bankruptcy after it announced it would suspend repayment of its external loans, and its usable foreign currency reserves dropped to less than $50 million.

It has foreign loan repayments due of $7 billion this year out of $25 billion to be paid off by 2026.

Rajapaksa’s announcement comes as protesters demonstrate near the parliament while others continue occupying the entrance to the President’s office, demanding Rajapaksa and his ruling family resign, holding them responsible for the economic crisis.

Similar protests spread to other locations, with people setting up camps opposite the Prime Minister’s residence and in other towns across the country.

For months, Sri Lankans have endured long queues to buy fuel, cooking gas, food, and medicines, most of which are imported. The shortage of hard currency has also hindered imports of raw materials for manufacturing and worsened inflation, which surged to 18.7% in March.

With oil prices rising during the conflict between Russia and Ukraine, fuel stocks in Sri Lanka are running low.

The authorities announced power outages across the country for up to 7 and a half hours a day as they are unable to provide sufficient fuel for power plants.