It has been agreed by the European Union that €13 million grant will be given to Pakistan to improve the fiscal policies and budget preparations.
On Friday, the agreement was signed in Hammad Azhar, the Minister for Economic Affairs’ presence. Under the EU’s Public Financial Management Support Program, this grant will be provided.
On the behalf of Pakistan, the Secretary Economic Affairs Division Syed Pervaiz Abbas signed the agreement. On the behalf European Union, the EU’s ambassador to Pakistan, Androulla Kaminara, signed the agreement
Azhar said that the European Union will provide €13 million to Pakistan aiming to help with macro-fiscal policies, budget processes, and forecasting. He said that this public financial support will be used at a federal level, Sindh and Balochistan.
Furthermore, he said that Pakistan will maintain a socio-economic partnership with the European Union. He said that the main priority of the government is to bring economic stability in Pakistan.
After the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement with Pakistan on the policies and reforms necessary to finish the second review of the authorities’ reform program supported under the EFF, this announcement was made.
In an earlier article, we informed our readers that the European Union has consented to two financing agreements with Pakistan for giving help of €100 million to enhance education and development for rural development programs.