Washington,  World Bank and the International Monetary Fund (IMF) has announced that they are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support.

IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass said in a joint statement that commodity prices are being driven higher and "risk further fueling inflation," which hits the poor the hardest, Xinhua news agency reported.

"Disruptions in financial markets will continue to worsen should the conflict persist," they said, adding that the sanctions announced over the last few days will also have a "significant" economic impact.

The two institutions are assessing the situation and discussing appropriate policy responses with their international partners.

The IMF is responding to Ukraine's request for emergency financing through the Rapid Financing Instrument, which the IMF Board could consider as early as next week.

The World Bank Group, meanwhile, is preparing a $3 billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least $350 million that will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education.