LONDON, Nov. 9 (UPI) -- Britain plans to halt all monetary aid to India and reallocate the funds to poorer countries, International Development Secretary Justine Greening said.
Greening was to tell lawmakers that, beginning Friday, no new aid programs or contracts for financial aid to India will be approved since the southeast Asian country is emerging as one of the world's most powerful economies, The Daily Telegraph reported.
Existing contracts and programs will be allowed to run until 2015, when all British aid to India ends, she said. Britain spends about $446.56 million in aid to India each year.
Greening's decision followed a visit to India for talks on future aid arrangements. Officials said Greening was told the Indian government valued Britain's "technical assistance" more than its financial help.
"After reviewing the program and holding discussions with the government of India this week, we agreed that now is the time to move to a relationship focusing on skills-sharing rather than aid," Greening said.
Once the financial contributions end, the contribution of Britain's technical expertise to development programs in India will cost about a tenth of the current aid, the Telegraph said.
While the programs expire, the government expects to save about $318.94 million during the next three years.
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