World Bank approves $300 million loan to fight poverty amid COVID-19 in Ukraine

FILE PHOTO: A woman sits under an umbrella and begs for money during a sunny day in front of the St. Michael's Golden-Domed Cathedral in Kyiv, Ukraine July 22, 2020. REUTERS/Gleb Garanich

KYIV (Reuters) - The World Bank has approved an additional loan of $300 million to help Ukraine's government support low-income families amid the novel coronavirus pandemic, the bank said late on Friday.

"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," it said in a statement.