Ukraine's Ministry of Finance confirmed that Ukraine has received a USD 350-million loan from the World Bank, Interfax-Ukraine news agency reported on July 2.

As per reports, In late June, Ukrainian Prime Minister Denys Shmyhal said that the government had signed an agreement on the loan with the World Bank, the Xinhua news agency reported. The funds will be used to boost Ukraine's economic recovery from the Covid-19 impact, provide social assistance for the vulnerable groups and promote reforms of certain sectors such as the land market, according to Shmyhal. Due to the pandemic, the Ukrainian economy contracted by 4.4 percent in 2020, according to the national bank.

Ukraine has registered over 2.2 million coronavirus cases with more than 52,000 COVID-related deaths, while only 1.4 million people have received a first dose of vaccine and about 490,000 have been fully vaccinated.

The World Bank, a major international partner of Ukraine, has committed about USD 14 billion for more than 80 projects and programmes since the country joined the bank in 1992. 

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