Islamabad: The European Union (EU) has announced its decision to provide €13 million in an effort to improve Pakistan’s public financial management sector under the ‘Public Financial Management Support Programme’ (PFM-SP), a news source reported. Under this initiative, the EU will provide funds to enhance the provision of public services in the capital city, Balochistan, and Sindh.
The program aims to implement the PFM reform procedures in Balochistan and Sindh provinces and strengthen the budgetary framework process on the federal level. EU’s Ambassador to Pakistan Androulla Kaminara and Economic Affairs Division Secretary Syed Pervaiz signed an agreement to this effect.
On the occasion, Minister for Economic Affairs Hammad Azhar emphasised the need for consolidating socio-economic partnerships with the EU in order to stabilise Pakistan’s economy.
The EU grant was awaiting the announcement of the International Monetary Fund’s (IMF) agreement with Pakistan after the second assessment of the reform programme. IMF’s Mission Chief for Pakistan Ernesto Ramirez Rigo issued a statement that said that Pakistan and IMF reached a staff-level agreement on reforms and policies which are needed to complete the second assessment of the reform program supported under Extended Fund Facility (EFF).
