ISLAMABAD, July 5: Minister for Finance Shaukat Aziz said on Saturday no conditions are attached to the US $3 billion assistance for Pakistan and it is a grant package.

Talking to reporters at a press conference held at the finance ministry, he said the $3 billion package offered by the United States to Pakistan during the visit of President Gen Pervez Musharraf to Washington “augurs well” for economic activities, investors’ confidence and increased exports.

“From our perspective, it sends a very positive signal to investors that the US is engaged with Pakistan on a medium to long term basis,” he remarked.

Mr Aziz said: This package is over and above the normal assistance we get from the United States which is in the process. Basically, the modalities will be worked out between the two sides very soon.”

The finance minister said no conditions were attached to the economic package offered by the Washington to Islamabad.

He said in the Camp David, US President George W. Bush offered the five year package of $3 billion for military assistance, economic development assistance and debt relief.

In respect of using the amount for debt relief, he said: “The option is ours. We will have to work out the details.”

Mr Aziz clarified that $3 billion was a grant package and not a loan offered by the USA to Pakistan. “Entire package is grant,” he remarked.

The minister added the US administration had also put $398 million package to Pakistan in the Congress for approval.—APP