The allocated funds will help Ukraine finance urgent social protection measures to overcome the consequences of the COVID-19 pandemic.
The World Bank’s Board of Executive Directors has decided to provide Ukraine with a $ 300 million loan to strengthen the protection of low-income families.
This was reported by the press service of the World Bank.
“Additional funding will strengthen the provision of social assistance to low-income families through the appropriate state social assistance program in order to prevent 1 million Ukrainian citizens from falling into poverty as a result of the COVID-19 pandemic,” the statement said.
According to the World Bank forecasts, due to the consequences of the pandemic, the poverty level in Ukraine may grow by 4%, reaching about 23% by the end of 2020. The allocated funds will help Ukraine finance urgent social protection measures to overcome the consequences of the COVID-19 pandemic, providing for emergency cash payments to those citizens and households who have lost their jobs or sources of income as a result of the pandemic. Payments to families with low income will be carried out under the current program of state social assistance to low-income families.
In addition, the loan will support the strengthening of the social protection system in Ukraine in the coming years. According to the World Bank, 60% of Ukrainian citizens who are on the brink of poverty due to the economic consequences of the pandemic are not yet recipients of social assistance under any of the existing social protection programs.
Earlier it became known that the World Bank will allocate $ 100 million to Ukraine for the purchase of vaccines against COVID-19 and medical equipment.
