World Bank Approves $300 Million Loan To Fight Poverty Amid Coronavirus In Ukraine

The World Bank has approved an additional loan to Ukraine’s Government to lend support for the low –income families who are suffering from the Coronavirus pandemic.

As per a Reuters report, an amount of $300 million has been lend to Ukraine’s Government to help those families who have low income and do not survive amidst the COVID-19 pandemic.

The official statement  stated – “The new funds will help finance Ukraine’s COVID-19 social protection emergency response by introducing fast cash transfers to individuals and households who have lost their jobs or income sources because of the pandemic.”

Before, $150 Million was provided in April under the Social Safety Nets Modernization Project. The aid was provided because, as per the bank, Ukraine’s poverty could increase by 4%, reaching around 23% by the end of this year.  This is the second transaction that the World Bank is providing in addition to the first amount to Ukraine.

Due to the lockdown restrictions since January, like the closure of schools, colleges, theatres, gyms, the ban of mass gatherings has led to an increase in the unemployment level that stood 9.6 % at the end of June.  Even the economy of Ukraine was dropped down to 11.4 %. The government expects the gross domestic product to decline by about 5% in 2020 after business activity started recovering in the second half of the year.

According to the official reports in the past 24 hours, Ukraine has registered 12,811 new coronavirus cases. The total number of cases is 885,039, and the total death cases are 14,998 deaths.

(Reuters)