As the island nation grapples with its worst-ever economic crisis, Sri Lanka's Prime Minister Ranil Wickremesinghe was given the extra task of directing the finance ministry on Wednesday.

The island nation is experiencing its greatest economic catastrophe since independence, with fuel and other essential goods shortages making life unpleasant for its 22 million people.

Today, it received Russian oil, in order to restore operations at the country's sole refinery.

See this: The Sri Lankan economic crisis

Months of severe shortages and anti-government rallies have plagued the South Asian island country, with importers unable to finance critical food, fuel, and medications.

After two weeks of squabbling among coalition partners over the critical role ahead of bailout discussions with the International Monetary Fund (IMF), Wickremesinghe, 73, was sworn in as finance minister.

A politician involved in the negotiations told AFP that "The president's party had wanted the finance portfolio, but the PM insisted he wanted it if he is to lead the country out of the economic chaos."

Wickremesinghe is likely to present a revised budget soon, pledging help for impoverished Sri Lankans struggling with record inflation and spiraling food costs.

Staff-level negotiations with the IMF ended on Tuesday, but the Washington-based lender is likely to agree on a rescue plan in six months, according to central bank officials.

Sri Lanka has already defaulted on its $51 billion foreign debt, and on Tuesday, it recruited international advisors to assist restructure its international sovereign bonds and other bilateral liabilities.

By hiking petrol prices to a record high on Tuesday, the government essentially eliminated fuel subsidies, and Wickremesinghe's administration is anticipated to boost electricity and water rates to earn much-needed money.

Petrol and diesel are both in low supply, and drivers are forced to wait in line, often for days, to fill up.

Anti-government rallies turned into violence earlier this month, killing nine people and injuring many more.