The World Bank has said it would provide up to $3 billion in aid for Ukraine in 2014 to help the country deliver much-needed economic reforms.

The World Bank said in a statement on Monday that it received a request for support from the interim Ukrainian government and is ready to assist with formulating and implementing a comprehensive programme of structural reforms, reported Xinhua.

“We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilises soon,” said World Bank president Jim Yong Kim.

Ukraine’s economy is facing a number of serious challenges that will require urgent action in the short term as well as sustained reform over the medium and longer term, the Washington-based institution said.

“Priorities will need to be given to restoring macroeconomic stability, strengthening the banking sector, reforming the energy sector, seriously tackling corruption and improving accountability, enhancing the investment climate and better targeting social assistance towards the poor and vulnerable,” the statement added.

The political crisis has cost Ukraine economically as the country is facing a possible debt default. Ukraine needs approximately $35 billion in aid to improve its economy, according to the country’s finance ministry.