Ameenah Gurib-Fakim's lawyer Yousouf Mohamed told local media that she had resolved to resign "to prevent a constitutional crisis." The resignation will come into effect on March, 23.
"She doesn't want the country… to suffer. In the country's best interests she has decided to leave," the lawyer said, commenting on the head of state decision.
The president of Mauritius had earlier rejected the calls to resign, explaining that she hadn't done anything wrong and had evidence to prove it in court in order to deflate the accusations of the Prime minister Pravind Jugnauth.
The president has been suffering from increasing pressure after a local paper, L'Express, stated that she had bought clothes and jewelry in Italy and Dubai using a credit card issued by an international non-governmental organization.
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When Ameenah Gurib-Fakim, 58, took the honorary position of president in 2015, she became the first woman to do so in Mauritian history.