Asad Umar presides NFC meeting

Islamabad: Finance Minister Asad Umar presided over the meeting of the reconstituted 9th National Finance Commission (NFC) in Islamabad on Wednesday. The first meeting of the reconstituted 9th National Finance Commission chaired by Finance Minister was held in Islamabad on Wednesday. The meeting 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. 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 the current fiscal position of the country while the provincial representatives gave presentations on the financial position of their respective 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 the 18th amendment. It has been decided that the NFC will henceforth meet every six weeks. Furthermore, it has been concluded that the NFC secretariat at the ministry of finance would be strengthened for effective coordination on certain matters.