South Korean President declares readiness to resign.

South Korean President Park Geun-hye said she is ready to resign before the end of her term and will let the parliament decide her fate.

South Korean President Park Geun-hye. Photo: Reuters.

"I'm leaving it to the parliament to decide everything about my future, including shortening my term," Reuters quoted South Korean President Park Geun-hye as saying on television today.

According to President Park, she will resign when lawmakers come up with a power transition plan that minimizes the power vacuum and chaos. Her current term runs until early 2018.

President Park is embroiled in a scandal involving her close friend Choi Soon-sil. Choi, 60, is accused of using her relationship with Park to interfere in national affairs and possibly accessing classified documents. Choi admitted to receiving drafts of presidential speeches after Park's election but denies the other charges.

On November 20, South Korean prosecutors alleged that Park colluded with Choi and played a "significant role" in the criminal act, changing Park's status from a witness to a suspect. Park's lawyers rejected the conclusion, calling it "imaginary" and politically biased.

Following the scandal, thousands of South Koreans protested, demanding Park's resignation. Her approval rating in South Korea plummeted to 4%, a record low for a sitting president.

According to VNE