Economic crisis led to mistakes by Sri Lanka's president

Asserting responsibility for the country's worst economic crisis in decades, Sri Lanka's president apologized Monday and said that he would fix the mistakes.

As the president and his powerful family seek to solve the political crisis resulting from the country's economic crisis, Gotabaya Rajapaksa made the admission to the 17 new Cabinet ministers he appointed on Monday.

A severe shortage of foreign exchange means Sri Lanka lacks money to buy imports, leaving the country on the verge of bankruptcy. Nearly $7 billion of the country's total $25 billion in foreign debt needs to be repaid this year.

“During the last two and a half years we have had vast challenges. The COVID-19 pandemic, as well as the debt burden, and some mistakes on our part,” Rajapaksa said.

19 April 2022