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U.S. gives Pakistan 37,800 tonnes of soybean oil
calendar02-09-2002 | linkNULL | Share This Post:

ISLAMABAD, Aug 30 (Reuters) - The United States signed a deal in Islamabadon Friday to donate 37,800 tonnes of soybean oil, valued at $16 million,to Pakistan's poverty alleviation programme.The agreement was signed by U.S. ambassador to Pakistan Nancy Powell andPakistan's Economic Affairs Secretary Waqar Masood, the U.S. embassy saidin a statement.The United States will pay shipping costs to the southern port city ofKarachi and Pakistan will be allowed to sell the oil and use the money foragricultural development, the embassy said."The donation will help reduce pressure on the government of Pakistan'slimited foreign exchange resources and provide additional resources toimplement Pakistan's long-term poverty reduction and rural developmentprogrammes," the statement said.Last week, the United States signed a deal in Islamabad for theconsolidation and restructuring of $3 billion in debt owed by Pakistan, akey ally in its war against terror.Last November, the United States released $600 million in aid to Pakistan,which was followed by a $1.3 billion IMF poverty reduction programme andan agreement by the Paris Club of donors to restructure $12.5 billion ofdebt. The $3 billion of U.S. debt to be restructured is included in thislatter figure.USAID this month put in place a $100 million five-year programme to helpreform Pakistan's educational system and Washington is also providing lawenforcement assistance.