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 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. 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. It is the second Additional Financing under this Project, after $150 million were approved on April 30, 2020. This additional financing will help strengthen Ukraine’s Guaranteed Minimum Income Program (GMI) to prevent around 1 million Ukrainians from falling into poverty due to the COVID-19 pandemic. WASHINGTON, December 11, 2020 – The World Bank’s Board of Executive Directors approved today a loan to Ukraine in the amount of $300 million for the Second Additional Financing for COVID-19 Response under the Social Safety Nets Modernization Project.
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