[WASHINGTON] The World Bank announced on Tuesday that it is preparing a US$3 billion aid package for war-torn Ukraine, which will including 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," World Bank President David Malpass said in a joint statement with IMF Managing Director Kristalina Georgieva.

The International Monetary Fund and World Bank in recent days had pledged to provide further support to Ukraine and have moved quickly to put that promise into motion.

The IMF, which has an ongoing US$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 neighbor 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 fueling inflation." In addition, the economic sanctions imposed on Russia "will also have a significant economic impact."

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

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