The World Bank approved $300 million loan to help protect low-income Ukrainians

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The World Bank approved on December 11 a $300 million loan to help “prevent around 1 million Ukrainians from falling into poverty due to the COVID-19 pandemic,” according to the Bank’s press release. As reported, it is the second Additional Financing under this Project, after $150 million were approved on April 30, 2020.

It is mentioned that the loan is designed to help Ukrainians who have lost their jobs or income sources because of the pandemic to get “fast cash transfers”.

“World Bank projections show that, due to the COVID-19 epidemic, poverty in Ukraine could increase by 4 percent, reaching around 23 percent by the end of 2020. 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. Poor households will receive benefits through the country’s GMI Program. The loan also supports scaling up Ukraine’s social protection over the next years”, the message says.

According to World Bank estimates, 60 percent of the Ukrainians who may fall into poverty because of the COVID-19 outbreak do not currently benefit from any existing social protection program.

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