Kiev, July 3 (IANS) Ukraine's Ministry of Finance confirmed that Ukraine has received a $350-million loan from the World Bank, Interfax-Ukraine news agency reported on Friday.

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 per cent in 2020, according to the national bank.

--IANS int/rs