Dhaka, April 19 -- Sri Lanka's president acknowledged Monday that he made mistakes that led to the country's worst economic crisis in decades and pledged to correct them.

President Gotabaya Rajapaksa made the admission while speaking to 17 new Cabinet ministers he appointed Monday as he and his powerful family seek to resolve a political crisis resulting from the country's dire economic state, reports AP.

Sri Lanka is on the brink of bankruptcy, with nearly $7 billion of its total $25 billion in foreign debt due for repayment this year. A severe shortage of foreign exchange means the country lacks money to buy imported goods.

People have endured months of shortages of essentials like food, cooking gas, fuel and medicine, lining up for ...