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Demonstrations are being raged throughout Sri Lanka as people protest the government's mishandling of the economy.
President Gotabaya Rajapaksa made the admission while speaking to 17 new Cabinet ministers.
Thousands of people have taken to the streets to denounce the government led by President Gotabaya Rajapaksa and his elder brother, Prime Minister Mahinda Rajapaksa.
There are numerous examples of countries, developed and developing, which are economically fragile that have become even more fragile, courtesy, China's One Belt One Road initiative
Soaring inflation, devaluation of currency, massive external debt and corruption --- Pakistan economy is mired in chaos.
Sri Lanka is going through its worst economic crisis since 1948 when the country gained independence.
Sri Lanka that is being run by Rajapaksa and members of his family since 2019 is struggling to pay for imports of fuel and other goods.
Basil had negotiated the Indian economic relief package to help Sri Lanka tackle the current foreign exchange crisis.
Police imposed an overnight curfew in several parts of Sri Lanka's main city of Colombo early on Friday after protests turned violent.
Sri Lanka has sought an additional credit line of $1.5 billion from India to import essentials.