Sri Lanka's economy has 'completely collapsed.

Sri Lanka's economy has "completely collapsed," Prime Minister Ranil Wickremesinghe said Wednesday, as the crisis-hit nation faces an increasingly dire situation that has left millions struggling with fuel, electricity and food shortages.

"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.

Sri Lanka is in the midst of its worst financial 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...