Beleaguered Sri Lankan President Gotabaya Rajapaksa has named a 17-member cabinet, despite growing calls for his resignation, according to the BBC.

Rajapaksa had initially sacked his cabinet and asked opposition parties to assist in the formation of a new government. They had, however, rejected the proposal, the report said.

He has now reappointed several members of his party to various positions, BBC said.

The island nation is in the midst of its biggest economic crisis since gaining independence from the United Kingdom in 1948, it added.

It is caused in part by a lack of foreign currency, which has meant that Sri Lanka cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.

With power outages lasting half a day or longer, as well as food, medical, and gasoline shortages, public outrage has reached unprecedented heights, according to the BBC report.

The country also announced last week that it would temporarily default on its foreign loans. Some of those bond debts have a payment due today (April 18, 2022), the report said.

Starting Monday, the stock exchange remains closed for a week.

People have been demanding for President Rajapaksa to quit since early April, but he has refused, despite opposition claims that he has lost the people's mandate.

His decision to nominate a new government appears to be another indication that he will not budge in response to demonstrators' demands.