Kristalina Georgieva and David Malpass warned about the negative effects of Russian aggression against Ukraine and sanctions against Moscow, which will affect the entire global economy.

The International Monetary Fund and the World Bank said they would provide billions of dollars in additional funding to Ukraine in the coming weeks and months, adding that the war would create “significant side effects” for other countries.

The head of the IMF Kristalina Georgieva and the president of the World Bank David Malpass said that the war has already led to an increase in commodity prices, which may lead to further inflation, and disruptions in financial markets will become more frequent if the conflict continues. Sanctions imposed by the United States, Europe and other allies against Moscow will also have significant economic consequences for the whole world.

The heads of the World Bank and the IMF said they were deeply shocked and saddened by the war.

“People are dying, injured and forced to flee, the country’s physical infrastructure is being severely damaged,” Georgieva and Malpass said in a joint statement. – We support the Ukrainian people in these horrific events. The war also has a significant impact on other countries.”

The IMF and the World Bank have urgently increased funding and political support for Ukraine and are in daily contact with the country’s authorities on anti-crisis measures, representatives of the organizations said.

The IMF Board may consider Ukraine’s request for emergency financing with the help of a rapid financing tool as early as next week, they said. The country will receive an additional $2.2 billion under the reserve agreement by the end of June.

In the coming months, the World Bank will also prepare a $3 billion support package for Kyiv. This financing will begin with a rapid infusion of at least $ 350 million into the Ukrainian budget, which the bank’s board of directors will consider this week, and then $200 million for health and education programs.

Both institutions stated that they are also assessing the economic and financial consequences of the war and the flow of refugees for other countries in the region and the world. They stated that they are ready to provide expanded political, technical and financial support to Ukraine’s neighbors as needed. The UN Refugee Agency reported that since the invasion began, more than 660,000 people have fled Ukraine to countries such as Poland, Romania and Hungary.

“Coordinated international actions will be crucial to reduce risks and get out of the upcoming dangerous period,” Malpass and Georgieva said.