KYIV, May 9 – The Cabinet of Ministers has approved the attraction of financing up to $1.6 billion from international financial institutions, Prime Minister Denys Shmyhal has said following a meeting on Saturday.

According to the government's press service, in particular, it was approved to raise funds from the World Bank Group's International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) for a total amount of up to $1.5 billion.

Today Ukraine needs the support of international partners in order to finance expenditures that have increased significantly during the war. We held talks with the World Bank and agreed on the provision of support by its structures to state bodies and budgetary educational institutions through partial reimbursement of state budget expenses for wages," Shmyhal is quoted by the government's press service.

Also, a delegation of Ukraine was created by a separate decision to participate in negotiations with IBRD and IDA on the conclusion of appropriate financing agreements. Finance Minister Serhiy Marchenko is authorized to sign them.

In addition, by decision of the government, an agreement with Japan on attracting a loan from the Japan International Cooperation Agency was approved. Within its framework, Ukraine will be able to raise up to $100 million (JPY 13 billion), which will be used to ensure priority spending of the state budget. (om/ez)