The World Bank has cut its forecast for global economic growth this year as Russia's war on Ukraine continues. 

The Washington-based institution has lowered its projection for global growth in 2022 to 3.2% from a January prediction of 4.1%, President David Malpass told reporters in a teleconference on Monday.

Malpass said that due to the increase in food and energy prices as a result of the war, the forecasts for developed and many developing economies were lowered.

Noting that the World Bank will discuss a new 15-month financing package with a size of $170 billion in response to the economic difficulties caused by the war, Malpass said approximately $50 billion of this is planning to be distributed in the next 3 months.

For low- and middle-income countries, the debt crisis is expected to worsen this year, he warned.

The International Monetary Fund and World Bank spring meetings will take place in Washington, where the ongoing crisis in Ukraine will be on the agenda.

In March, the World Bank announced a $3 billion funding package for Ukraine but that needs to be approved./aa