Finance minister to chair ninth NFC meeting today

ISLAMABAD (92 News) – Finance Minister Asad Umar will chair the meeting of the ninth National Finance Commission (NFC) award, in Lahore on Friday (today). According to the details, the meeting will be attended by the chief ministers and the finance secretaries to discuss better distribution of national resources under the new award. The meeting will discuss the resource distribution formula between the Center and the federating units. It will be attended amongst others by the provincial finance ministers. The last NFC award was signed in December 2009 in which greater share was given to the provinces from the federal divisible pool. On Thursday, Punjab Finance Minister Hashim Jawan Bakht had said, important decisions will be taken in NFC meeting. Earlier, Balochistan Assembly Speaker Abdul Qudus Bizenjo had demanded of the federal government to enhance its share in the National Finance Commission (NFC) Award. “A mere Rs3 billion are earmarked for the country’s largest province.” On January 12, President Dr Arif Alvi had reconstituted the ninth National Finance Commission (NFC) to formulate a new resource distribution formula between the Centre and federating units. The NFC Award is a constitutional obligation. It is clearly indicated in the Article 160 of the “Constitution of Islamic Republic of Pakistan, 1973” that it has been made mandatory for the government to compose NFC Award at an interval extending not more than five years for the amicable resource distribution among the federation and its respective units. The meeting emphasized for complete data sharing amongst the federal and provincial governments. During the meeting, the federal finance secretary gave detailed presentation to the participants on fiscal position of the country while the provincial representatives gave presentations on the financial position of their provinces. The meeting reviewed recommendations for better distribution of national resources under the new NFC award. The meeting agreed that fiscal allocation should reflect true spirit of 18th amendment. It was decided that the NFC will henceforth meet every six weeks. It was decided that the National Finance Commission secretariat at the ministry of finance will be further strengthened for effective coordination on different matters.