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The World Bank said Monday it was prepared to offer $3 billion in new aid to Ukraine this year to help it advance reforms and support crucial development projects. The Bank said it "stands ready to continue supporting the Ukrainian people" after receiving a request for assistance from the interim government in Kiev, which took power last month after the ouster of President Viktor Yanukovych. "We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilizes soon," said Bank President Jim Yong Kim in a statement. The Bank said the Ukraine economy faces some serious challenges that will require "urgent action in the short term", as well as sustained reform over the longer term.