The International Monetary Fund says it is considering possible means to support war-torn Ukraine.

Managing director Kristalina Georgieva, in a statement on Friday after a meeting with IMF’s executive directors disclosed that Ukrainian authorities had requested emergency funding from the Fund.

The Fund’s boss said that her organisation was considering all financing option to aid Ukraine.

“The Fund has a number of instruments in its toolkit and, as the situation in Ukraine evolves, we will continue to discuss with the authorities how we can best assist them,” Ms Georgieva said.

“These discussions are being conducted remotely with staff participating from Washington. In addition to ongoing policy advice, we are exploring all options for further financial support, including under the existing Stand-By Arrangement for an outstanding amount of US$2.2 billion,” she added.

She promised that the Fund will continue to work with the World Bank and other relevant stakeholders to provide support for the maximum benefit of Ukraine.

Ms Georgieva further cautioned that the conflict poses significant economic risks in the region and around the world.

She said the Fund is assessing the possible implications on the financial system, commodity markets, and the direct impact of the war on countries with economic ties to the region.

This development comes after World Bank’s President David Malpass said his organisation was preparing options for large support to Ukraine.

Mr Malpass in a tweet on Friday said he was “deeply saddened and horrified by the devastating developments in Ukraine, which will have far-reaching economic and social impacts.”

Already, U.S. President Joe Biden on Thursday announced that severe new sanctions including freezing assets of major Russian banks and cutting off high-tech exports to the country, in coordination with Europe, will be imposed on Moscow.