ISLAMABAD, Aug 30: The US Department of Agriculture’s Commodity Credit Corporation will offer $16 million to Pakistan for the import of 37,800 tons of soyabean oil, says a press release.

In this connection, the Government of Pakistan and the Government of USA signed a Commodity Assistance Agreement for FY 2002 under the 416(b) proramme.

The agreement was signed by US ambassador to Pakistan Ms Nancy J. Powell and Pakistan’s Economic Affairs Division Secretary Dr Waqar Masood Khan.

The government of Pakistan will use the local currency generated from the sale of oil to fund the Pakistan Poverty Alleviation Fund (PPAF).

The PPAF will use the funds to implement long-term poverty reduction programmes, small-scale infrastructure programmes, and sustainable agricultural development programmes.