March 18, 2003	Tuesday	Muharram 14, 1424

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ISLAMABAD, March 17: Japan has decided to extend non-project grant aid (NPGA) amounting to $50 million to Pakistan.

Dr Waqar Masood Khan, secretary Economic Affairs Division and Japanese ambassador to Pakistan Minoru Shibuya signed the agreement for the new grant.

This bilateral assistance is a part of the $300 million grant aid pledged by the government of Japan to be disbursed within two years in shape of both project as well as non-project aid to assist Pakistani government in its efforts to reduce poverty.

This grant assistance is a

Foreign currency support to secure the payment for import of goods that are urgently needed by the government of Pakistan. An amount equivalent to at least half of the f.o.b. price of the products procured, will be raised in rupee terms within a period of three years by the government of Pakistan as counterpart fund.

Prior to this grant Japan twice provided similar assistance amounting to 3 billion yen ($25.5m) and 5 billion yen ($39m) in the last Japanese Fiscal Year, the counterpart fund of which is committed to be used for health and education sectors respectively.