Over 18th Amendment funds go to provinces, NFC award to be revised, Finance Secretary
The extremism can be controlled by spending more development funds in less developed areas. Shibli Faraz
ISLAMABAD ( WEB NEWS )
The meeting of the Senate Standing Committee on Finance was held in Parliament House Islamabad under the chairmanship of Chairman Senator Saleem Mandviwala. When will the reservations of the provinces be removed? Senator Shibli Faraz said that extremism can be controlled by spending more development funds in less developed areas, Khyber Pakhtunkhwa needs additional funds. Finance Secretary Imdadullah Bosal told the meeting in a briefing that the amount of funds that the Ministry of Finance has will be distributed to the provinces, after the 18th constitutional amendment, more funds went to the provinces. He said that if a province If the population or the formula changes, a new agreement will have to be made, the then government should have changed the NFC at that time, my position is that the NFC award should be reviewed, he revealed. what While the implementation of the 7th NFC Award is still ongoing, FATA and PATA concessions were sought to be abolished, but the government did not accept it. Consultation with the provinces is necessary for the change in FC. Amdadullah Bosal said that the contribution of the provinces in the tax-to-GDP ratio is one percent. B ISP) and Public Sector Development Program (PSDP) have asked to share costs, will try to create a consensus on joint financing from the provinces. During the meeting, Senator Shibli Faraz said that there are reports in the media that the government has taken a very expensive loan, should Pakistan pay only commercial debt? Finance Secretary said that we have not taken any expensive loans at present, when we take loans from banks, we will take them in front of everyone, at this time our external space is covered, we will take more loans on our own terms, at this time 6 The Kybor rate of the month is also 12 percent, on this Shibli Faraz said that if the situation is so good, why are they not turning to the international market? Finance Secretary said that they cannot issue bonds with triple C rating, now there are no problems in debt payments. Finance Minister Muhammad Aurangzeb told the Standing Committee that there is no proposal to raise the retirement age of employees to 55 years. Chairman. Federal Board of Revenue (FBR) said that the recruitments in Pakistan Customs are done on merit, we have not done any recruitment from grade 1 to 4, grade 5 and above recruitment is on merit. President Agricultural Development Bank told the meeting that agricultural loans of 124 billion rupees have been given in Punjab and 23 billion rupees in Sindh, and 5 billion 30 crore rupees have been given to Khyber Pakhtunkhwa this year. Senator Mohsin Aziz said. Said that you are abusing Khyber Pakhtunkhwa, Shibli Faraz said that the Agricultural Development Bank was established to help small farmers, on this the President of the Agricultural Development Bank said that we provide loans based on the area under cultivation. Do, more of Punjab The area was under cultivation, so more loans were given there. Finance Minister Muhammad Aurangzeb said that the State Bank will brief the committee on the issue of agricultural loans.