The World Bank (WB) has approved a $723 million financial package for Ukraine in the current context of the armed conflict with Russia, according to the BBC.

The European newspaper reports that the WB plans to give Ukraine another $3 billion in the coming months.

The Bank also promises additional support for neighboring countries that are hosting the more than 1.7 million refugees, mostly women, children and the elderly.

The financial package for Ukraine includes a $100 million guarantee from the UK.

The package also includes a $350 million loan, reinforced by about $139 million through guarantees from the Netherlands and Sweden.

It also consists of $134 million in donations from Britain, Denmark, Latvia, Lithuania, and Iceland, as well as $100 million in funding from Japan.

Quoted in a statement, Bank President David Malpass said the bank "is taking urgent measures to support Ukraine and its people in the face of the violence and extreme disorder caused by the Russian invasion."

The bank said the funds will help the Ukrainian government provide crucial services, including salaries for hospital workers, pensions for the elderly, and social programs for the vulnerable.

Malpass told the BBC that the war was "a catastrophe" for the world that will reduce world economic growth.

"The war in Ukraine comes at a difficult time for the world because inflation was already rising," he considered.