ISLAMABAD: The European Union (EU) would provide financial assistance of Euros 653 million to Pakistan under Multi Indicative Programme 2014-16 for rural development, education, good governance, human rights and rule of law.
In this regard a Memorandum of Understanding was signed here on Tuesday between EU and Government of Pakistan to achieve the set objectives of the programme.
Secretary Economic Affairs Division, Tariq Bajwa and Ambassador of European Union, Jean Francios Cautain signed the agreement on behalf of their respective sides.
Minister for Finance, Senator Muhammad Ishaq Dar, besides senior officials of Ministry of Finance and senior representatives of EU also witnessed the signing ceremony.
Addressing the ceremony, Finance Minister appreciated the EU assistance to Pakistan in different sectors of economy and its role on strengthening the social safety network programme initiated by the government.
The Minister informed that this was the second Multi Indicative Programme between Pakistan and EU adding that first two-years programme worth of Euro 253 million was initiated in 2011-13.
"We have signed an 6 years (2014-20) agreement with EU worth 653 million Euro with special focus on rural development, promotion of education, human rights by focusing the legal reforms and rule of law in the country", Dar added.
The objective of the programme was to reduce poverty from the country for which government with its other partners and stakeholder like Pakistan Poverty Alleviation Fund, was striving hard to reduce poverty besides strengthening the social safety nets to bring out the vulnerable segments of the society form the poverty circle, he remarked.
Ishaq Dar said that government had increased its spending on social safety nets during its current years budget and enhance the stipends amount by 50 percent, adding that the programme would further strengthen the government efforts to reduce poverty from the country.
He said the outreach of income support programme was expanded to 5.3 million families during this year which would help to alleviate poverty and achieving the Sustainable Development Goals (SDGs).
The minister said the major focus of the programme would be on under developed areas of Sindh, Balochistan and Khyber Pakhtun Khwa provinces adding that a steering committee was also formed for transparent use of the fund.
Ishaq Dar said the higher officials of the relevant ministries would be the members of the committee with its co-chairmen Secretary Economic Affairs and Ambassador of EU respectively.
The minister also lauded the efforts of EU for their continues support in different economic development programmes and strengthening government's efforts to reduce poverty, promote education and introducing legal reforms for human rights in the country.
Speaking on the occasion, Ambassador of EU, Jean Francois said the assistance was from 28 EU members states for Pakistan to cooperate in different sectors.
He said the trade relation between EU and Pakistan was also gaining momentum as the Union has granted GSP Plus status to Pakistan enable it enhance its textile and other exports to EU.
He said the Multi Indicative Programme was a compliment for bilateral relations of EU, adding that transparency and efficiency were instrumental of the programme.
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