Ukraine has attracted $331 million under the loan agreement with Japan on DPL II (Development Policy Loan) and for the implementation of economic reforms, according to a posting on the website of the Finance Ministry of Ukraine.

"Ukraine has received a long-term soft loan worth $331 million from Japan within the DPL II joint project with the World Bank. The credit is granted through the Japan International Cooperation Agency," reads the report.

These funds will be credited to the general fund of the national budget of Ukraine

The Finance Ministry also noted that the term of the loan is 20 years with a six-month grace period. The interest rate is set at the level of Libor plus 0.05%, which is currently less than 1% per annum. Interest is paid twice a year.

"The condition for providing funds is Ukraine's carrying out ten structural reforms, including those providing for eliminating of tax "pits" by introducing of an electronic system of VAT administration, gas market reforms and the introduction of effective control mechanisms not only for budget expenditures but also revenues, for which the powers of the Accounting Chamber of Ukraine were expanded," reads the document.