WASHINGTON, (Reuters) – The International Monetary Fund executive board will approve Wednesday $1.4 billion of emergency financing for Ukraine in order to assist it with its response to Russia’s invasion. Kristalina Georgieva, IMF Managing Director said Tuesday.

Georgieva explained to a Financial Times forum that the funds were added on to the $700,000,000 disbursed by IMF to Ukraine in December, as well as $2.7 billion of emergency reserves received by it in an IMF allocation of August.

She stated that IMF staff had daily conversations with Ukrainian officials to assist them in managing their economic crisis and mobilising financial resources.

According to IMF Chief, the war caused a shock in the global economy. It sent energy and food prices up, displace millions, and damaged business confidence.

“The unthinkable happened with Russia’s attack on Ukraine,” she said. It is both tragic and consequential.

Georgieva stated that the global lender was looking into how to best support Ukraine’s neighbors including Moldova which seeks help.

She stated that it was impossible to know the effect of the war, and the harsh sanctions the United States and its allies imposed upon Russia.

Although it wasn’t clear how the Russian economy would shrink in size, she stated that a recession was very probable.

Monday’s approval by the World Bank Executive Board of a $723 Million package loan and grant packages for Ukraine was made. It provides urgent budget support to Ukraine in its fight against a Russian invasion.