"Our economy has faced a complete collapse," Wickremesinghe told Sri Lanka's Parliament, adding the government was seeking help from its global partners and the International Monetary Fund (IMF) to stabilize the economy.
But Wickremesinghe warned the island nation of 22 million was "facing a far more serious situation" beyond the shortages.
crisis in seven decades, after its foreign exchange reserves plummeted to record lows, with dollars running out to pay for essential imports including food, medicine and fuel.
In recent weeks, the government has taken drastic measures to cope with the crisis, including implementing a four-day work week for public sector workers to allow them time to grow their own crops. However, the measures are doing little to ease the struggles faced by many in the country.
In several major cities, including the commercial capital, Colombo, hundreds continue to queue for hours to buy fuel, sometimes clashing with police and the military as they wait.
Trains have reduced in frequency, forcing travelers to squeeze into compartments and even sit precariously on top of them as they commute to work.
Patients are unable to travel to hospitals due to the fuel shortage and food prices are soaring. Rice, a staple in the South Asian nation, has disappeared from shelves in many shops and supermarkets, according to CNN.
This week alone, 11 people have died waiting in queues for fuel, according to police officials.
Wickremesinghe, who took office days after violent protests forced his predecessor Mahinda Rajapaksa to resign, appeared to place the blame on the previous government for the country's situation in his comments Wednesday.
"It is no easy task to revive a country with a completely collapsed economy, especially one that is dangerously low on foreign reserves," he said. "If steps had at least been taken to slow down the collapse of the economy at the beginning, we would not be facing this difficult situation today."