On December 11, 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.
This was reported on the official website of the World Bank press service
It is noted that in 2020, this is already the second loan to Ukraine, intended for social purposes.
“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. It is the second Additional Financing under this Project," as stated in the announcement.
In addition, the “Social Safety Nets Modernization Project”, the program under which the second additional financing has been approved, was implemented in 2014. Previously, Ukraine received $150 million loans, which was approved on April 30, 2020.
As was reported by the “Apostrophe”, earlier the European Commission has disbursed €600 million to Ukraine under its COVID-19 related macro-financial assistance (MFA) program. However, the second tranche will be conditional on fulfilling the eight specific measures laid down at the MoU. These include measures in the areas of public finance management, the fight against corruption, improving the business environment, and the governance of state-owned enterprises.