Ukrainian govt approves Italian loan of up to 200 mln euros - Finance Ministry

MOSCOW. July 13 (Interfax) - The Ukrainian government has approved borrowing of up to 200 million euros from Italy for a 15-year period via the IMF administered account, Ukrainian media outlets said, citing the Ukrainian Finance Ministry, after the government meeting on Tuesday.

"The Ukrainian government approved a resolution on July 12 to draw an interest-free loan of up to 200 million euros from Italy via the IMF administered account," the ministry said in a statement on its website.

According to the ministry, the money will go to the state budget and will finance the payments to schoolteachers. The loan will have a grace period of 7.5 years.

"There will be no interest on the loan," the ministry said.