Connect with us

Hi, what are you looking for?

Latest News
• No plans to protest against ECP, we respect it: Fawad Chaudhary • We are asking ECP to make decisions above and beyond constitution, we are saying that ECP’s independence should be evident: Fawad Chaudhary • PM did not legally need to take vote of confidence but he is the only one courageous enough to do that: Fawad Chaudhary • ECP dejected on the statement of PM: ECP handout • We cannot ignore laws and regulations to please anyone: ECP handout • ECP follows constitution: ECP handout • Army chief, DG ISI meet PM Imran Khan • ECC to assess Ramzan relief package • Govt. has not planned on buying vaccine yet: PAC • IHC expects PDMA response on private schools fee hike petitions • Justice Mansoor Ali Shah stresses on quick justice for workers in labor courts • Establishment Division suspends Sialkot DC, DPO over disappearing during Daska election • Islamabad, Rawalpindi record highest number of Covid cases, deaths since December • LHC takes notice of land acquisition despite stay in Ravi riverfront project • Smart lockdown imposed in 12 more areas of Lahore • NAB summons Capt. (retd.) Safdar on 10th with record • PMA warns against relieving Covid restrictions • Mullah Mansour properties case subsides after his death • HBL signs MoU with Akhuwat to provide Shariah compliant housing finance • Govt. proposes Tech city in KP • PSX collapses after finance minister loses Senate contest • NA panels resists govt. bill to impose electricity surcharge required by IMF • No change in govt’s position on Kashmir dispute: FO • PMA urges govt. to impose Covid restriction as third wave looms • PCB’s failure to ensure Covid protocols led to postponement: Sethi • Turkish general, 8 others killed in helicopter crash • EU drops plan to censure Tehran IAEA • French court acquits ex-PM Balladur of Karachi corruption trial
News Alert
    • Covid Updates: 1,579 cases reported while 52 deaths recorded in last 24 hrs
    • Currently, 17,117 cases are active in the country
    • The death toll stands at 13,123 in Pakistan
    • 1,527 people recovered in last 24 hrs
    • The positivity rate increased to 4.16%
    • PM Khan to take vote of confidence on Saturday
    • Drap approves Sinopharm vaccine safe for people above 60 years

Economy

KPK, Balochistan Demands More Funds From NFC

Six Groups Formed for Basic Recommendations

7th NFC Award Meeting Underway in Finance Ministry Islamabad

ISLAMABAD: Khyber Pakhtunkhwa (KPK) and Balochistan have demanded to raise their share in Federal Divisible Pool under 10th 10th National Finance Commission (NFC) to address their financial deprivations. The Commission Thurs­­day constituted six sub-groups to prepare sectoral recommendations.

Presided over by Finance Minister Dr Abdul Hafeez Shaikh, the meeting did not set a schedule for future meetings or deadlines for completion of studies on six thematic topics and agreed to hold discussions in future if certain terms of reference (TORs) of the NFC were outside its constitutional mandate.

The participants also noted mounting pension liabilities as a major concern and agreed to adopt a common way forward through detailed consultations. Sindh disagreed to share expenditure for tribal region and showed reservations over some TORs.

Secretary Finance Kamran Ali Akmal will coordinate two working groups on National Economic Deve­lopment Framework or Macroeconomic Framework and vertical distribution (between the centre and provinces) of resources under the divisible pool. All the provinces would be part of the group. Every NFC had to be mutually agreed by all five participants.

Each provincial finance minister will coordinate four other groups with representation from all stakeholders. Sindh would lead the group on straight transfers, given its higher share on account of oil and gas related resources. The group on horizontal distribution of resources (among the four provinces) will be conducted by Balo­chistan because the province demanded 15pc share out of the divisible pool instead of existing 9.09pc

KP was assigned the leadership role on development and upgradation needs of the merged districts of formerly Federally Adminis­tered Tribal Areas (Fata) and thus additional resource requirement. Punjab would be leading the group on ease of doing business and tax harmonisation across the country.

Some provinces express­­ed reservations over one or two items of the TORs, particularly relating to sharing of fiscal responsibilities on debt servicing, mega federal development projects, security and Fata merger.

In response to a question Sindh Chief Minister Murad Ali Shah said the story of insufficient capacity for utilisation of additional re­­sources under the 7th NFC award was no more relevant but disbursement of funds under the provincial shares by the federal government was such that his province had to invariably face a situation on 30th of each month as to how much overdraft was required to pay salaries. Mr Shah said the actual problem was that FBR collections in last two three years had been lower than fiscal year 2017 at around Rs3.9tr while the requirements of all provinces and even the centre had gone up.

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Who will win the Chairman Senate slot?

Facebook

International

Ghana becomes the first country to receive World Health Organization’s first Covax vaccine sharing initiative batch. The World Health Organization (WHO) programme aims to...

Politics

Five seats go to the leading PTI and opposition PML-N each and one to PML-Q.

National

Pakistan might be retained by FATF yet again due to the anti-money laundering and terror financing laws not being fully compliant with global standards.

National

During PSL-6 (domestic cricket T20 tournament) matches, a team of 20 specially trained armed men and women have been assigned to provide security.

Copyright © 2021 The Truth International