The U.K. government has agreed to divert an extra £1 billion of funding to Northern Ireland as part of a deal with the Democratic Unionist Party to give the Conservatives a majority in parliament. The DUP also secured more than $1 billion in economic assistance for Northern Ireland. If the parties can not come to an agreement by Thursday, Northern Ireland may be returned to direct rule from London.
The funds were expected to be used to boost Northern Ireland's economy and offer investment in new infrastructure, health and education.
The deal also means the United Kingdom will continue to spend 2 per cent of GDP on its armed forces to meet the North Atlantic Treaty Organisation commitment and both parties agreed to "recognise the importance" of agriculture to the Northern Ireland and said this will be a "critical area" in the UK's negotiations to leave the European Union.
Mrs Foster said she was "delighted" an arrangement had been agreed.
Now, the 10 DUP MPs will support the Conservatives in key Commons decisions and votes.
The Prime Minister said the DUP and the Tories "share many values" and the agreement was "a very good one".More news: Iran: Hassan Rouhani condemns 'siege of Qatar'
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"We very much want to see that protected and enhanced and we also share the desire to ensure a strong government, able to put through its programme and provide for issues like the Brexit negotiations, but also national security issues".
Under the deal, the 10 lawmakers from the Democratic Unionist Party (DUP) will back May's minority government over the Queen's Speech - which sets out the legislative program - as well as bills relating to national security and Brexit.
Turning to the situation in Northern Ireland, the Prime Minister added: "Time is running short for the parties to come together and reach agreement to re-establish a powersharing Executive by June 29".
Prime Minister May and DUP leader Arlene Foster went ahead with the "confidence and supply" agreement in spite of warnings from prominent Conservatives such as Lord Patten, a committed Catholic, that the DUP is a "toxic brand" that will make the Conservatives look like the "nasty party".
The deal could act as an incentive for Northern Ireland's political parties to return to the country's Parliament after months of deadlock over the power-sharing assembly. Northern Ireland's parties have until Thursday to form a new administration.
The DUP will have "no involvement" in the Government's political talks in Northern Ireland and "recognises the need for early restoration of inclusive and stable" devolved government.