Sri Lanka's former President has stepped down -- but larger problems loom for the crisis-hit country

Sri Lanka's President Gotabaya Rajapaksa, who fled the country earlier this week, has formally resigned, the parliamentary speaker confirmed Friday, capping off a chaotic 72-hours in the crisis-hit nation that saw protesters storm the capital.

The President's departure from office marks a major victory for the protesters, who for months have demanded the removal of both Rajapaksa and Prime Minister Ranil Wickremesinghe.

Many in Sri Lanka blame Rajapaksa for the country's worsening situation, with runaway inflation and shortages of basic goods such as fuel and food impacting everyday life.