NEW YORK, March 1 — The International Monetary Fund and the World Bank are working to attend Ukraine’s emergency financing request for funding as the European nation faces an escalation of the Russian invasion.

The Board of the IMFl lender may consider the case as early as next week, according to a joined statement issued by International Monetary Fund’s Managing Director, Kristalina Georgieva, and World Bank Group’s President, David Malpass.

“We are responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which our Board could consider as early as next week,” Georgieva said in the statement. In addition, the IMF continues to work on Ukraine’s Stand-By Arrangement program, under which an additional USD2.2 billion is available between now and the end of June, the executive said.

At the same time, the World Bank Group is preparing a USD3 billion package to support the European nation 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, Malpass said in the statement. The multilateral lender also announced that this loan will be followed by USD$200 million in fast-disbursing support for health and education.

“Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead,” the executives said in the statement.

The announcement took place as Russian troops are positioned to try to surround Kyiv, Ukraine’s capital, and are laying siege to Kharkiv, a city of 1.5 million, The New York Times reported. In a tactical change, Russia has started to target civilian areas increasing concerns about the humanitarian toll of the invasion.