The Cabinet of Ministers has approved a decision to secure nearly $3 billion in funding from Japan, backed by proceeds from Russian frozen assets.
Prime Minister Denys Shmyhal announced the decision during a government meeting on May 30, Ukrinform reports, citing his Telegram channel.
“Today, we are approving a decision to raise funds from Japan—nearly $3 billion—secured by proceeds from Russian frozen assets, to finance Ukraine’s priority budget expenditures,” Shmyhal stated.
He also noted that Ukraine has reached a staff-level agreement on the eighth review of its cooperation program with the International Monetary Fund (IMF).
“Once the decision is approved by the IMF Executive Board, we expect to receive a new tranche of approximately $500 million,” he added.
As earlier reported by Ukrinform, the Ministry of Defense of Ukraine, the Ministry of Strategic Industries, and the Ministry of Defense of the United Kingdom signed a project agreement to use excess profits from frozen Russian assets under the Extraordinary Revenue Acceleration (ERA) initiative.
Source: Ukraine to receive almost $3B from Russian frozen assets transferred by Japan – Shmyhal
