The government approved spending two-point-86 billion won of state funds to cover the costs of North Korea's participation in the Winter Olympics.

The Unification Ministry said that the inter-Korean exchange and cooperation council approved the matter on Wednesday in a meeting chaired by Unification Minister Cho Myoung-gyon.

With the council's approval, the government will use money from the Inter-Korean Cooperation Fund to cover expenses for the North's cheering squad, art troupe and taekwondo demonstration team during their stay in South Korea.

The government also decided late last month to spend 148 million won from the fund to cover the costs for a joint government support team in relation to the North's Olympic participation. 

Costs for the North's participation in the PyeongChang Paralympics will be deliberated later.