A pandemic threatens Ukraine with an increase in unemployment to 23 percent, the World Bank warned. The loan will help Kiev to strengthen social assistance measures and save about 1 million Ukrainians from crossing the poverty line.
Provided by Deutsche Welle
The World Bank will provide Ukraine with a loan of 300 million US dollars (in terms of about 247 million euros) to overcome the consequences of the COVID-19 disease pandemic caused by the SARS-CoV-2 coronavirus. This is the second additional loan within the framework of the project to modernize the system of social support for the population of Ukraine, the bank said on Friday, December 11.
The additional funds will help strengthen the country's social assistance program in order to save about 1 million Ukrainians from crossing the poverty line, the bank representative said. Among other things, the measures provide for emergency cash payments to individuals and households who have lost their jobs or sources of income. According to the forecast of the financial organization, the poverty level in Ukraine due to the pandemic could rise to 23 percent by the end of 2020.
Almost two thirds of Ukrainians on the verge of poverty do not receive social assistance
The coronavirus crisis highlighted the need to strengthen Ukraine's social protection infrastructure and develop a system of payments to the population, the World Bank stressed. According to him, 60 percent of Ukrainians who may find themselves below the poverty line do not receive social assistance under any of the programs operating in the country.
The total volume of the World Bank project, taking into account two additional loans, is $ 750 million. The decision on the first additional loan of 150 million was made in April.
Since the beginning of the pandemic, the RNA virus SARS-CoV-2 has been detected in more than 71 million people on the planet, over 1.6 million patients with the COVID-19 infection it causes have died, and almost 50 million have recovered. In Ukraine, the virus was detected in 885,039 people, of whom 14,998 died, 494,001 recovered. From 8 to 24 January a lockdown will be in effect in the country.
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