Visiting World Bank Group President David Malpass said here on Tuesday that his institution is preparing a financial assistance package worth 1.5 billion U.S. dollars for Ukraine.

The donor and recipient countries of the International Development Association (IDA), a World Bank fund that helps the poorest countries, approved on Monday the provision of one billion U.S. dollars to Ukraine, which enabled this 1.5 billion-U.S.-dollar aid package that supports the "continuation of essential government services," Malpass said.

"We will be ready to help Ukraine with reconstruction when the time comes. In the meantime, we are working to help Ukrainian refugees as they plan their return home; help communities as they absorb Ukrainians; and help the many millions of internally displaced persons in Ukraine who have lost their homes and livelihoods," he said.

The World Bank Group, he said, analyses the global impact of the conflict in Ukraine, "including the spike in food and energy prices, and preparing a surge crisis response that will provide focused support for developing countries."

According to the World Bank, Ukraine's economy is expected to shrink by as much as 45.1 percent this year.