Economics & Business

Japan agrees for 27 M as Grant to Pakistan

ISLAMABAD: The Government of Japan has extended an amount of Japanese Yen 2.5 billion as Non Project Grant Aid to Pakistan for support and contribution to the promotion of the economic structural adjustment efforts by the Government of Pakistan as well as mitigation of Pakistan ’s economic difficulties including indebtedness and balance of payments. The amount is equivalent to approximately US $ 27 Million.

The official Exchange of Notes ( E/N) to this effect were signed by Chihiro Atsumi, the Ambassador of Japan on behalf of the Government of Japan and Farrakh Qayyum, Secretary, Economic Affairs Division on behalf of Pakistan on Friday.

The grant shall be used by the Government of Pakistan for the purchase of products from the eligible source countries to be mutually agreed upon between the authorities of the two Governments and services incidental to such products. The Government of Pakistan and Japan shall consult with each other about the detail of the utilization of the funds.

On the occasion, Farrakh Qayyum said that Pakistan values Government of Japan’s assistance in the fields of education, health, energy, environment, disaster management, water, human uplift and poverty reduction in general and this Non Project Grant Aid in particular. Therefore Japanese economic cooperation has immense role in our socio economic development.

He said that the Japanese Grant & Technical Assistance to Pakistan, with its focus on basic economic and social infrastructure projects, poverty reduction through economic growth and capacity and institution building, provides indispensable underpinning for Pakistan’s economic development.

The GOJ has played a vibrant role in Pakistan’s earthquake reconstruction with a timely assistance of over US$210 million. FATA development has also become a focus area for Japanese cooperation, Qayyum further said.

Secretary EAD said that this Non Project Grant Aid (NPGA) of Japanese Yen 2.5 Billion (US$27million), will support and contribute to the promotion of the economic structural adjustment efforts by the Government of Pakistan as well as mitigation of our economic difficulties including indebtedness and balance of payments. This grant will further deepen and strengthen our bilateral friendly and cooperative relations.-SANA

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Mian Ahsan Liaqat

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