THE World Bank yesterday announced that it is preparing a US$3 billion (RM12.5 billion) aid package for war-torn Ukraine, which will include at least US$350 million in immediate funds.

The first tranche of the aid “will be submitted to the board for approval this week, followed by US$200 million in fast-disbursing support for health and education”, said World Bank president David Malpass in a joint statement with IMF managing director Kristalina Georgieva.

The World Bank and International Monetary Fund (IMF) pledged to provide further support to Ukraine and moved quickly to put that promise into motion.

The IMF, which has an ongoing US$2.2 billion financing programme with the country through June, will consider the country’s latest request for emergency financing “as early as next week”, said the statement.

The leaders of the global crisis lenders deplored Russia’s invasion of its neighbour and the impact it is having on the people and economy.

“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 fuelling inflation”.

In addition, the economic sanctions imposed on Russia “will also have a significant economic impact”.

The Group of Seven finance ministers and central bankers met early yesterday and promised to mobilise support for Kyiv, while considering additional measures to further isolate Moscow.

Oil prices have soared to more than US$106 a barrel yesterday, as fighting intensified and hundreds of thousands of people fled Ukraine. – AFP, March 2, 2022.