Asad Umar chairs 1st meeting of reconstituted NFC

Asad Umar chairs 1st meeting of reconstituted NFC

Islamabad (Staff Report/Agencies): The first meeting of the ninth National Finance Commission (NFC) held today (Wednesday).

The meeting was chaired by finance minister Asad Umar formed six sub groups to put forward proposals for FATA affairs, ease of doing business, macro-economic issues and horizontal and vertical distribution of resources.

According to Radio Pakistan, 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 last NFC Award was signed in December 2009 that drastically increased the provincial share from the divisible pool. 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 NFC secretariat at the ministry of finance will be further strengthened for effective coordination on different matters.