EU to provide €13 million as Public Financial Management Support

ISLAMABAD                 –         European Union agreed to provide €13 million to Pakistan to help improve its macro-fiscal policies and budget preparations, said an announcement issued on Friday.

The signing ceremony of Financing Agreement on Public Financial Management Support Programme-II (PFM-II)” between the government of Pakistan and the European Union was held at Economic Affairs Division on Friday.

Federal Minister for Economic Affairs Division Hammad Azhar witnessed the signing ceremony. Dr Syed Pervaiz Abbas, Federal Secretary of Economic Affairs Division signed the agreement on behalf of the Government of Pakistan with H.E Ms. Androulla Kaminara, Ambassador of European Union in Pakistan.

Under this agreement, EU will provide grant assistance of worth Euro Thirteen (€ 13) Million for Sindh, Balochistan and the federal government. The thematic area being targeted under this support will improve governance with an aim to reduce impact of poverty and social inequality under Naya Pakistan Manifesto (2018).

The Minister thanked the European Union for the assistance which will be helpful to contribute to improved service delivery through enhanced efficiency in public finances, policy coherence and aid governance in Sindh, Balochistan and at the Federal level.

This program will further the support to reform the public finance management, in particular with, the planning and budgeting systems, and the internal controls in budget execution with a view to achieve fiscal discipline, enable the strategic allocation of budgetary resources, and will help to strengthen aid coordination mechanisms.

The Ambassador of the EU Delegation to Pakistan expressed her satisfaction and stated that with the new PFM programme, more focus will go on strengthening public finance at district level and on the achievement of Sustainable Development Goals (SDGs) at grass-root level, particularly, SDG-1 “No Poverty”. At conclusion of the ceremony, both sides agreed to step up cooperation in economic development between EU and Pakistan in future.

 

 

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