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WASHINGTON, D.C. — In a joint statement, International Monetary Fund (IMF) managing director Kristalina Georgieva and World Bank Group president David Malpass stated the World Bank is drafting a USD3 billion support package for Ukraine and is reviewing Ukraine’s request for emergency finance.

“Our institutions are collaborating to provide financial and policy support to Ukraine, and we are immediately boosting that help. On crisis measures, we’ve been in touch with the authorities on a daily basis “According to the statement.

According to the paper, the IMF is responding to Ukraine’s request for emergency funding by using the Rapid Financing Instrument, which the IMF’s Board of Directors may consider as soon as next week.

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

Taking stock of the situation in Ukraine

According to Georgieva and Malpass, the IMF and the World Bank are reviewing the situation in Ukraine and considering the adoption of required steps.

“Throughout these dreadful events, we stand with the Ukrainian people. The battle is having enormous ramifications in other countries. Commodity prices are being pushed higher, increasing the possibility of more inflation, which disproportionately affects the poor. If the battle continues, financial market disruptions will get even worse. The penalties that have been issued in recent days will have a considerable economic impact. With our foreign partners, we are assessing the situation and debating relevant policy solutions “According to the document.

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