- Asks Punjab finance minister to expeditiously nominate non-statutory member of Punjab in NFC
Provincial finance ministers and secretaries met in the federal capital on Monday under the chair of Finance Minister Ishaq Dar.
At the outset, the minister asked the Punjab finance minister to expedite the process for nomination of non-statutory member of Punjab in the National Finance Commission (NFC) which would facilitate convening of NFC meeting. Meeting of the 9th NFC would be convened as soon as Punjab nominates its non-statutory member.
The meeting reviewed the fiscal operations of the provinces relating to financial year 2014-15, which include federal transfers to the provinces, provincial receipts and their total expenditures.
The finance minister said that Pakistan has the lowest tax-to-GDP ratio in the region and the provinces can help to improve the situation, this will further enhance the confidence of the investors desirous of dealing with Pakistan. He urged upon the provincial representatives to make concerted efforts to enhance provincial receipts and contain their expenditures in order to achieve the set targets.
The provincial representatives informed about their efforts for revenue collection and also outlined the difficulties they were facing. Both federal government and the provincial governments shared their willingness to work in harmony to bring fiscal discipline for further strengthening of the economy.
It was agreed that provincial finance secretaries will meet on quarterly basis in order to review the fiscal operation of the Provinces and issues shall be resolved through mutual consultation at appropriate level.