The first meeting of the reconstituted 9th National Finance Commission (NFC) was chaired by Finance Minister Asad Umar in Islamabad on Wednesday and the participants agreed that future fiscal allocation should reflect the true spirit of the 18th Amendment, Radio Pakistan reported.
They also agreed on forming six sub-groups to put forward proposals for affairs of the erstwhile Federally Administered Tribal Areas (Fata).
The sub-groups would also work on ease of doing business, macro-economic issues and horizontal and vertical distribution of resources.
The meeting included a detailed presentation by the federal finance secretary focusing on the country's overall current fiscal position.
Punjab to lose resources if NFC maintains status quo
Similarly, provincial representatives also gave briefings on the financial position of their respective provinces.
The participants also reviewed recommendations for improved distribution of national resources in line with the new NFC award and emphasised the need for comprehensive data sharing among federal and provincial governments.
It was further decided that the NFC will now conduct regular meetings after every six weeks.
This was the first meeting of the 10-member reconstituted 9th NFC. The 9th NFC had been constituted in April 2015 to finalise the 8th NFC Award.
Reconstituted NFC to slash provincial shares
The 9th Commission was first reconstituted in February 2016 when Punjab changed its technical member. There was a second reconstitution early this year, as all four provincial governments decided to change their non-statutory members.
The current NFC comprises the four provincial finance ministers and their respective technical members, while the Centre has included the federal finance secretary as an official expert.
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