The government has convened a consultative meeting with the provinces on the NFC after the IMF recommended its amendments on the NFC Award on November 18, the sources added.
The International Monetary Fund had recommended some changes in the NFC Award, and the government had invited provinces for consultation on Nov. 18, sources claimed.
The Ministry of Finance had given the provinces a considerable time suspension and a new date of the early meeting extension to November 18 on the request of the provinces, sources said. If the meeting does not take place on the new date, discussions on the 11th NFC award will be considered essential, sources said.
The suggestion came during the IMF discussion on the New Finance Commission Award, sources added. If sessions for the New NFC award are regularly held, it will need a little more time, six to eight months, sources said.
The earlier meeting had to be postponed due to the flood situation in the country. Earlier, sources have proposed that the Government of Pakistan is considering adding when demand. The International Monetary Fund had pressured the committee to reduce the country’s debt and manage the Federal deficit.
Intergovernmental sources have reported that the IMF has suggested the formula for the National Finance Commission NFC AWARD for better fiscal discipline.
The existing 57.5 percent share of the provable Department of the Divisible Pool can be reduced, or the constitution may be amended. If the provinces do not accept this proposal, then the federal government can implement the 27th Constitutional Amendment. Networking the relevant provisions is politically sensitive, but it will help stabilize the economy in line with IMF commitments.
