The two-day meeting of the National Finance Commission (NFC), which met under the chairmanship of Federal Minister for Finance, Mr. Shaukat Tarin here today, decided to form two committees for vertical and horizontal distribution of resources amongst four provinces. The first committee will consists of Provincial Finance Secretaries and the Federal Finance Secretary. The committee would recommend distribution of vertical resources. The second committee will consist of all NFC members. The committee, headed by Federal Minister for Finance, will take up the matters relating to horizontal distribution of resources amongst the provinces. The terms of reference for both the committees are being issued shortly.
Earlier, the Federal Ministry of Finance made a presentation to the NFC members about the position of national economy and federal government’s financial transfer formulas being followed in the past and present. The provincial representatives also briefed the NFC members, through presentations, about the financial position and economic problems of their respective provinces.
It was decided that the next meeting of NFC would be held in Quetta on September 18-19, 2009 which will consider the reports of both the committees.
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