ISLAMABAD: Finance Minister Asad Umar will chair the first meeting of the ninth National Finance Commission (NFC) award on Wednesday (today), ARY News reported.
The participants of the meeting will be briefed on the fiscal position of the federal government as well as of the provinces.
The meeting will also have a general discussion on strategy for deliberations over the new National Finance Commission Award.
“Detailed discussion will be held on provision of funds to the provinces in the meeting,” the minister said.
Invitations to all members have already been issued to attend today’s inaugural session.
The last NFC award was signed in December 2009 that drastically increased the provincial share from the divisible pool.
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 Finance Division had notified the new 10-member Commission. Finance Minister Asad Umar was named as chairman of NFC which comprises the four provincial finance ministers.
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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.
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