The United Kingdom (UK) would provide a technical assistance of £ 5 million (Rs 585 million) to support the implementation of Pakistan's Poverty Reduction Support Credit (PRSC) programme.
In this regard, a memorandum of understanding (MoU) was signed by Dr Yusaf Samiullah, head of the UK Department for International Development (DFID) in Pakistan and Dr John Wall, country director, World Bank, here on Wednesday.
The fund will be used to support the development, implementation and monitoring of policies that support Pakistan's poverty reduction strategy. This includes targeting the poor and vulnerable, promoting growth and macroeconomic stability and supporting a governance framework that will enable better health and education services.
"I am pleased to sign this memorandum of understanding with the World Bank in support of the Government of Pakistan's own programme to reduce poverty. The Government of Pakistan has made good progress in reducing poverty. But more needs to be done to lift the 38 million people still living below the national poverty line out of poverty", said Dr Samiullah.
"Supporting the Government of Pakistan in this way is just one of a number of UK and World Bank programmes designed to support poverty reduction. Looking forward, I am happy that we will double our own programme from Rs 27.6 billion (£ 236 million) for the current period 2005-08 to Rs 56 billion (£ 480 million.) for the period 2008-11."
"A new Country Assistance Plan will be developed over the coming months to set the framework for using these extra resources, with consultations starting in Pakistan very soon. Our partnerships with the government, civil society, and other donors such as the World Bank will be even more vital as we work together to support Pakistan's progress towards the millennium development goals (MDGs)", he said.
"I am looking forward to working closely with the Government of Pakistan and DFID in pursuit of the outcomes detailed in Pakistan's Poverty Reduction Strategy", said World Bank Country Director John Wall. "This is a good example of the kinds of partnership that can make a real difference", he added.
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