President approves amendment to the 11th National Finance Commission constitution
Pakistan's 11th National Finance Commission (NFC) Formed and Constituted
Last week, President Asif Ali Zardari formally constituted the 11th National Finance Commission (NFC) to address critical fiscal matters between the federation and the provinces. The 11th NFC was announced through a notification issued by the Finance Division on Friday.
The NFC, a constitutional body, has been tasked with making recommendations regarding the distribution of net proceeds of federally collected taxes, grants-in-aid to provinces, and the borrowing powers of both federal and provincial governments. The formation of the 11th NFC was necessary due to the dissolution of the 10th NFC, which was formed in July 2020 and was dissolved on Friday.
The 11th NFC consists of nine members. The finance ministers of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan will serve as ex-officio members in the 11th NFC. Nasir Mahmood Khosa will represent Punjab, Dr Asad Sayeed will represent Sindh, Dr Musharraf Rasool Cyan will represent Khyber Pakhtunkhwa, and Farman Ullah will represent Balochistan in the 11th NFC.
President Zardari accorded approval to this nomination, superseding the earlier approval. Notably, the newly nominated ex-officio member of the 11th National Finance Commission from Khyber Pakhtunkhwa is Muhammad Shafqat Hussain. The change was necessary due to the revised nomination by the Government of Balochistan, recommending Mahfooz Ali Khan as its non-ex-officio member in the 11th NFC.
Each province nominated one expert, raising the total number of members in the 11th NFC to nine. The finance minister will chair the 11th NFC. The NFC will deliberate on the sharing of financial responsibilities for national projects, trans-provincial initiatives, and other fiscal matters referred by the president.
The 11th NFC was constituted to address financial issues between the federal government and the provinces. The new Terms of Reference (ToRs) were recommended for the next NFC Award. The NFC will play a crucial role in ensuring a fair distribution of resources and promoting economic development across Pakistan.
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