Ukraine To Receive Almost $3B From Russian Frozen Assets Transferred By Japan Shmyhal

(MENAFN- UkrinForm) 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).

Read also: Ukraine, IMF reach staff-level agreement on $500M tranche – Shmyhal

"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.

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