The European Union (EU) has agreed to provide a €13 million grant to Pakistan to improve its fiscal policies and budget preparations.
The agreement was signed on Friday in the presence of Minister for Economic Affairs Hammad Azhar and the grant will be provided under EU’s Public Financial Management Support Program.
Secretary Economic Affairs Division Syed Pervaiz Abbas signed the agreement on behalf of Pakistan, while the EU’s ambassador to Pakistan, Androulla Kaminara, signed the agreement for the union.
Speaking on the occasion, Azhar said that the European Union would provide €13 million to Pakistan to help with macro-fiscal policies, budget processes, and forecasting. He said the public financial support would be utilized at Sindh, Balochistan and at a federal level.
He further stated that Pakistan is maintaining a socio-economic partnership with the EU. He added that the government’s major priority is to bring about economic stability in the country.
The announcement of the agreement comes after the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement with Pakistan on the policies and reforms needed to complete the second review of the authorities’ reform program supported under the EFF.