The World Bank has approved a new loan for Ukraine intended to help the country hit hard by the coronavirus outbreak provide support for low-income families.
The $300 million loan, which was approved late on December 11, comes as the international financial institution has projected that the poverty level in Ukraine could reach 23 percent by the end of the year.
"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," the bank said in a statement.
The funds will be added to an earlier, $150 million loan released in April.
Ukraine's has been hit hard by the coronavirus pandemic, with more than 885,000 cases of infection and nearly 15,000 deaths. The continuing spread of the coronavirus recently led the government to impose harsh new restrictions, including bans on mass gatherings and the closure of schools and restaurants.
Similar lockdown measures in June caused Ukraine's economy to fall by more than 11 percent.
Earlier this month, the World Bank signed off on a $100 million project aimed at promoting socioeconomic recovery and development in government-controlled areas of eastern Ukraine, where a Russian-backed separatist conflict that has killed more than 13,000 people since 2014 still simmers.
The World Bank has also recently announced plans to help Ukraine purchase COVID-19 vaccines.