The head of the U.S. Agency for International Development (USAID), Samantha Power, on Sunday announced a $60 million aid package for Sri Lanka, Reuters reported.

Power said $40 million would be allocated for fertilizer imports and $20 million for humanitarian needs to address the country's deep financial crisis.

The country's 22 million people have been facing severe shortages of basic necessities since late last year, after the country ran out of foreign currency to finance even the most basic imports.

The country defaulted on its $51 billion foreign debt in mid-April and is negotiating with the International Monetary Fund for possible financial assistance.

According to official figures, Sri Lanka now faces hyperinflation, with an overall rate of 60.8 percent, while food inflation was much higher last month at 90.9 percent.