REUTERS Ukrainian Prime Minister Volodymyr Groysman says UAH 7 billion (US$259.4 million) will be allocated to raise pensions for military retirees from January 1, 2018. "We forecast that the increase [in pensions] will touch upon 498,000 military pensioners. To this end, we will spend about UAH 7 billion this year," the prime minister told a Ukrainian TV channel, according to the government&#39;s website. According to Groysman, the government has figured out how to raise funds within the budget deficit of the Pension Fund. Read alsoIMF criticizes Ukraine’s pension reform"The decision has been made. It will be brought to the attention of local authorities this week, and the work will start regarding every pensioner. In March or April, they will receive new pensions," Groysman said. As UNIAN reported earlier, the Cabinet of Ministers adopted a decision on recalculation and increase in pensions for military by UAH 1,500 ($56) on average starting January 1, without legislative changes. The pensions will be raised in phases in 2018-2019.