Finance Minister Nirmala Sitharaman further mentioned that the "Food and Energy Crisis paper" rightly identifies energy efficiency as the "first fuel of choice".
The World Bank chief also noted that he has been concerned about the concentration of capital in the world in the top end of the advanced economies.
Citing the deteriorating global scenario, the World Bank on Thursday downgraded India's GDP forecast for the current fiscal to 6.5 per cent.
Prior to joining the World Bank as a Young Professional in 1996, he worked at the UN Development Program and taught Applied Economics in Cote d'Ivoire and France.
It estimated India's growth in the last fiscal year at 8.7 per cent.
Malpass also raised concerns about lockdowns in some of China's major cities. including the financial, manufacturing and shipping hub of Shanghai, which he said are "still having ramifications or slowdown impacts on the world".
The World Bank is working with countries on the preparation of $12 billion of new projects for the next 15 months to respond to the food security crisis, according to the statement.
"160 million dollars has been received from the World Bank and a grant from the ADB (Asian Development Bank) is also expected," Wickremesinghe said.
Price increases for food commodities, of which Russia and Ukraine are large producers, and fertilisers, which rely on natural gas as a production input, have been the largest since 2008, the report noted.
With the economic crisis and the shortage of forex, an Indian credit line of USD 500 million for fuel imports provided a lifeline to the island nation.
The World Bank on Wednesday slashed India's Gross Domestic Product (GDP) growth rate from 8.7 percent to 8 percent for the fiscal year 2022-23 due to economic setbacks posed by the ongoing conflict between Ukraine and Russia.
The World Bank agreed to work with the state to explore areas where its support would have the maximum impact.
"Tighter global financial conditions and shallow domestic debt markets in many developing countries are crowding out private investment and dampening the recovery," said the World Bank chief.
The report also noted that the Covid-19 pandemic has raised global income inequality, partly reversing the decline that was achieved over the previous two decades.
The new WHO/World Bank reports also warned that financial hardship is likely to become more intense as poverty grows, incomes fall, and governments face tighter fiscal constraints.