WASHINGTON: The World Bank and the International Monetary Fund (IMF) have declared that they are collaborating to help Ukraine with funding and policy issues, and that their support is being urgently increased.

According to reports, IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass warned in a joint statement that commodity prices are being pushed up and "risk further stoking inflation," which disproportionately affects the poor.

"If the crisis continues, financial market disruptions will worsen," they said, adding that the sanctions implemented in recent days will have a "major" economic impact.

With their international partners, the two institutions are assessing the situation and considering potential policy responses.

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

Meanwhile, the World Bank Group is preparing a USD3 billion package of assistance in the coming months, beginning with a USD350 million fast-disbursing budget support operation that will be submitted to the Board for approval this week, followed by USD200 million in fast-disbursing health and education support.

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