The International Monetary Fund (IMF) and the World Bank announce plans to support Ukraine on the financing and policy fronts and are urgently increasing that support.

IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass said in a joint statement on Wednesday that commodity prices were 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,” they said.

The two institutions are assessing the situation and discussing appropriate policy responses with their international partners.

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

The World Bank Group, meanwhile, is 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.

Then followed by $200 million in fast-disbursing support for health and education will follow.

(Xinhua/NAN)