BEIJING - China's Ministry of Finance (MOF) said Wednesday that it will earmark 4.57 billion yuan ($703 million) for improving educational programs for the children of migrant workers living in urban areas.

Public schools that are in poor condition will be first in line to receive the funds, the ministry said on its website. The usage of the funds will be closely scrutinized to ensure that they are not embezzled or otherwise abused, it said.

The ministry will distribute the money to provinces where compulsory education for the children of migrant workers has been "properly handled."

China has more than 240 million migrant workers working and living in the country's cities. However, as they are still counted as rural citizens, they are not eligible to enjoy the same public services as urban dwellers.