Washington (US):Amid the deteriorating situation and humanitarian crisis in Ukraine, the World Bank is preparing a USD 3 billion support package for the country in the coming months and the International Monetary Fund (IMF) is soon considering requests for emergency financing.
World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva announced the support package for Ukraine in a joint IMF-World Bank Group statement on the War in Ukraine on Tuesday (local time).
"We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine. People are being killed, injured, and forced to flee, and massive damage is caused to the country's physical infrastructure. We stand with the Ukrainian people through these horrifying developments," read the statement.
The statement further said that the "war is also creating significant spillovers to other countries." "Commodity prices are being driven higher and risk further fueling inflation, which hits the poor the hardest. Disruptions in financial markets will continue to worsen should the conflict persist. The sanctions announced over the last few days will also have a significant economic impact. We are assessing the situation and discussing appropriate policy responses with our international partners," the statement added.
The statement said that the IMF-World Bank Group are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support.