Sri Lanka's Rajapaksa Acknowledges Mistakes Amid Crisis

President Sri Lanka admitted on Monday that he made a mistake that caused the worst economic crisis in the country in decades and promised to fix it.President Gotabaya Rajapaksa made the entrance ticket while talking to 17 new cabinet ministers, he pointed on Monday when he and his strong family tried to resolve the political crisis produced from a terrible economic country. “For the past two and a half years we have a big challenge. Pandemic Covid-19, and debt burden, and some mistakes on our side,” Rajapaksa said.

“They must be fixed. We have to fix it and move forward. We need to regain people’s trust.” He said the government should approach international monetary funds from the start to face the upcoming debt crisis and should not ban chemical fertilizers in an effort to make Sri Lankan agriculture fully organic. The critics said the prohibition of imported fertilizers was aimed at preserving the ownership of the country’s foreign exchange and very injured by farmers.

The government is also blamed for taking a big loan for infrastructure projects that have not brought money.”Today, people are under great pressure because of this economic crisis. I really regret this situation,” Rajapaksa said, adding that pain, discomfort, and anger displayed by people who were forced to wait in a long line for Get important items with high prices justified.The promise of the cabinet followed several weeks of protests for the shortage of fuel and food and demanded that his strong political family and his government resigned.

The president and his brother, Prime Minister Mahinda Rajapaksa remained in the office, but the leader who was fought to bring down his two brothers and sisters and younger brothers and sisters, former finance minister – and nephews from his cabinet. Mahinda’s oldest son, who runs the sports ministry and has been mentioned as future leaders, also dropped.Many senior politicians and those who face charges of corruption are removed from the new cabinet in line with the call for younger administration.

Moody’s cuts rating

Sri Lanka was a barrel of “a series of defaults” because it stopped paying his country’s debt, Moody’s investor service warned in a decline in state credit ratings.

The first default can come soon. The nation island is intended to pay around $ 78 million for bondholders on Monday – until, of course, the government said last week would stop foreign debt services to preserve cash for food and fuel imports. It has led the ranking company to trim Sri Lanka further into Junk, with Moody’s on Monday lowering his score to CAA2.