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United States, Pakistan sign $30 million agreement

ISLAMABAD, Oct 20 (NNI): The Untied States and Pakistan Saturday signed an agreement of US Dollar 30 million to provide 600,000 tons of Soyabean oil worth $ 30 million to Pakistan.
The agreement was signed between US Ambassador to Pakistan Wendy Chamberlin and Secretary of the Economic Affairs Division of the Ministry of Finance Nawid Ahsan here Saturday.
The soybean oil is scheduled to begin arriving in Pakistan in January next year. The soybean oil will be sold by the government of Pakistan to private sector processors according to standard practices, said a USIS release here.
The local currency generated from these sales will be used by the Ministry of Finance to fund rural development and poverty alleviation programmes. Funded activities will be in accordance with Pakistan’s long-term social and economic development goals, including improvements in food security, the alleviation of poverty, and the promotion of broad-based equitable and sustainable development.
Additionally, this commodity, for which the United States will bear the cast of ocean transportation, will help reduce pressure on the government of Pakistan’s limited foreign exchange resources. The provision of this commodity is in fulfillment of the US pledge to provide additional goods and benefits value at 30 million dollars to Pakistan after US fiscal year 2000. –NNI

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