World Bank prepares $3bln support package to Ukraine

The World Bank is preparing a support package for Ukraine totaling $3 billion and is studying Ukraine’s request for emergency financing, International Monetary Fund (IMF) Managing Director Kristalina Georgieva and World Bank Group President David Malpass said in a joint statement.

"Our institutions are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support. We have been in daily contact with the authorities on crisis measures," the statement says.

According to the document, the IMF is responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which its Board could consider as early as next week.

"At the World Bank Group, we are preparing a $3 billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least $350 million that will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education," the document says.

IMF and the World Bank are assessing the situation around Ukraine and discussing the adoption of necessary measures, IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass said in a joint statement.

"We stand with the Ukrainian people through these horrifying developments. 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 document says.

The World Bank and the IMF are jointly assessing economic and financial impact of the Ukrainian conflict, said in a joint statement.

"The World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world. We stand ready to provide enhanced policy, technical, and financial support to neighboring countries as needed," the document says.

"Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead. This crisis affects the lives and livelihoods of people around the world, and we offer them our full support," it says.