First meeting of the reconstituted National Finance Commission held
ISLAMABAD: The first meeting of the reconstituted National Finance Commission (NFC) was held in Islamabad today with Finance Minister Asad Umar in the chair.
The meeting discussed the financial position of the provinces and the centre with various recommendations put forward for better distribution of national resources under the new NFC award.
The meeting formed six subgroups to put forward proposals for FATA affairs, ease of doing business, macro-economic issues and horizontal and vertical distribution of resources. The meeting also emphasised on complete data sharing amongst the federal and provincial governments.
During the meeting, the federal finance secretary gave a detailed presentation on the fiscal position of the country while the provincial representatives gave presentations on the financial position of their provinces.
The meeting also 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 the true spirit of the 18th amendment.
Furthermore, it was decided NFC will henceforth meet every six weeks and the NFC secretariat at the ministry of finance will be further strengthened for effective coordination on different matters.