Sri Lanka's president admitted Monday that he made errors that contributed to its worst economic crisis in decades and promised to rectify them.

President Gotabaya Rajapaksa made the revelation Monday while speaking to 17 new Cabinet ministers he selected. He and his powerful family attempt to settle a political crisis precipitated by the country's catastrophic economic situation.

Sri Lanka is on the verge of insolvency, with roughly $7 billion of its $25 billion in foreign debt. A severe currency shortage means that the country lacks the funds necessary to purchase imported goods.

People have faced months of shortages of necessities such as food, cooking gas, fuel, and medicine, standing in long lines for hours to purchase minimal supplies.

We have faced enormous obstacles over the last two and a half years. The epidemic of COVID-19, as well as the financial burden and a few errors on our part, Rajapaksa stated.

They must be corrected. We must rectify these errors, move on, and reclaim the public's trust.

He stated that the government should have called the International Monetary Fund earlier for assistance in addressing the upcoming debt issue and should not have prohibited chemical fertilizers in an attempt to farm Sri Lanka entirely organically. According to critics, the ban on imported fertilizer was imposed to conserve the country's dwindling foreign exchange reserves and harmed farmers.

Additionally, the government is being criticized for taking out massive loans for infrastructure projects that have failed to generate revenue.

Today, individuals are under tremendous strain due to the economic crisis. I greatly lament this situation," Rajapaksa stated, adding that the agony, discomfort, and outrage expressed by individuals forced to queue for hours to purchase necessities at inflated costs is warranted.

The Cabinet's choices come after weeks of protests over gasoline and food shortages and demands for the resignation of Rajapaksa, his politically strong family, and his government.

Rajapaksa and his elder brother, Prime Minister Mahinda Rajapaksa, have sparked widespread public outrage. They are the heads of a powerful clan that has ruled for the last two decades.

Thousands of demonstrators occupied the president's office entrance for the tenth day on Monday.

The president and prime minister retained their positions. Still, several other members lost their Cabinet seats in what was perceived as a bid to appease demonstrators without ceding control to the family.

In response to calls for a younger administration, numerous senior politicians and those facing corruption charges were eliminated from the new Cabinet. However, the finance and foreign affairs ministers retained their seats to aid the economic recovery.

The majority of the Cabinet resigned on April 3 following nationwide riots in which demonstrators attacked and destroyed the residences of many Cabinet members.

President Rajapaksa's offer to create a unity government with him and his brother remaining in power was rejected by opposition parties. Meanwhile, opposition parties have been unable to secure a parliamentary majority.

Last week, the administration said that it would halt repayment of foreign loans awaiting discussions with the International Monetary Fund. On Sunday, Finance Minister Ali Sabry and other officials traveled for meetings with the IMF. This week, the IMF and World Bank conducted their annual meetings in Washington.