World Bank preparing $3 billion emergency aid package for Ukraine

The World Bank announced Tuesday that it is preparing a $3 billion aid package for war-torn Ukraine, which will including at least $350 million in immediate funds.

The first tranche of the aid "will be submitted to the Board for approval this week, followed by $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 $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."

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.

Oil prices have soared to over $106 a barrel on Tuesday as the fighting intensified and hundreds of thousands of people fled Ukraine.