ISLAMABAD, March 13: Britain has pledged £80 million grant assistance for Pakistan Poverty Reduction Support Programme to be disbursed in three years. A memorandum of understanding to this effect was signed here on Monday by Director-General of UK’s Department for International Development Dr Nemat Shafik and Secretary Economic Affairs Division Khalid Saeed.

Minister of State for Economic Affairs Hina Rabbani Khar was also present at the signing ceremony.

In addition to it £5 million will also be made available for technical assistance in support of the World Bank’s Poverty Reduction Support Credit which will be managed by the World Bank in consultation with the Government of Pakistan and DFID.

Ms Khar said the grant would help Pakistan to implement its Poverty Reduction Strategy.

She said this would also help further strengthen the bilateral relations of the two countries.

The state minister also thanked Britain for providing assistance for the relief and rehabilitation of earthquake victims.

The DFID director-general, Dr Shafik, said “this package represents a step change in our development relationship with Pakistan and is a measure for our shared ambition with Pakistan government to eradicate poverty”.—PPI