The United Kingdom will provide 80 million pounds grant as budgetary support to Pakistan Poverty Reduction Support Programme in three years. A Memorandum of Understanding (MoU) to this effect was signed here on Monday.
Director General of UK Department for International Development Dr Nemat Shafik and Secretary Economic Affairs Division Khalid Saeed signed the MoU on behalf of their respective governments.
Minister of State for Economic Affairs Hina Rabbani Khar also witnessed the signing ceremony. In addition to the this grant, five million pounds will also be made available for Technical Assistance in support of the World Bank''s Poverty Reduction Support Credit which will be managed by the World Bank in consultation with Government of Pakistan and DFID.
Hina termed the MoU an important one and said this grant will help the government to implement its poverty reduction strategy. She said this would also help further strengthen the bilateral relations of the two countries.
The minister thanked the UK government for providing assistance for the relief and rehabilitation of earthquake victims. Dr Shafik said this package represents a step change in our development relationship with Pakistan and is a measure for our shared ambition with Pakistan government to eradicate poverty. She said Pakistan has made large increases in development spending specially in health and education sectors.
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