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Pakistan to gift 40,000 metric tons wheat to Afghanistan

Pakistan to gift 40,000 metric tons wheat to Afghanistan

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved giving 40,000 metric tons of wheat to Afghanistan as gift.

Finance Minister Asad Umar chaired a meeting of the ECC which agreed to gift the wheat worth Rs1.73 billion to Afghanistan.

The Ministry of National Food Security and Research had proposed to provide wheat to Afghanistan as a gift.

The ECC also considered and approved a proposal from the Finance Division for provision of funds amounting to $82.6 million as grant to Pakistan Poverty Alleviation Fund (PPA) for disbursement to 320,000 BISP beneficiaries, helping them graduate out of poverty. It may be added that Pakistan Poverty Alleviation Fund (PPAF) had devised the “National Poverty Graduation Programme” (NPGP).

The International Fund for Agricultural Development (IFAD) agreed to provide a loan amounting to US $82.6 million to Government of Pakistan for NPGP on concessional rates.  A Project Financing Agreement with IFAD in this regard was also signed. As per agreement, Government shall make the loan proceeds available as grant of PPAF for poverty graduation of BISP beneficiaries.