David Malpass, World Bank President, announced Tuesday that it is preparing a $3 billion aid package to help war-torn Ukraine, including at least $350 million in immediate funds.
In a joint statement with IMF Managing Director Kristalina Georgieva, Malpass said that the first tranche will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education.
The International Monetary Fund and the World Bank, who have both pledged and are now delivering further support to Ukraine, moving swiftly to implement this plan.
The IMF, which has an ongoing $2.2 billion financing program with the country through June, will consider the country’s latest request for emergency financing “as early as next week,” the statement said.
The leaders of the global crisis lenders deplored Russia’s invasion of its neighbour and the damage it is causing to the economy and people.
“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine,” they said, noting the “significant spillovers to other countries” including higher commodity prices that “risk further fueling inflation.”
Furthermore, the economic sanctions imposed on Russia “will also have a significant economic impact.”
Early Tuesday, members of the Group of Seven met with central bankers and pledged to mobilize support for Kyiv while considering additional measures to further isolate Moscow.
As the fighting intensified and hundreds of thousands of people fled Ukraine, oil prices rose to over $106 a barrel on Tuesday.