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Hafeez presides over FCC meeting to review incentive grant system to provinces

Hafeez presides over FCC meeting to review incentive grant system to provinces

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired the meeting of Fiscal Coordination Committee (FCC) here.

The meeting considered the recommendations of the FCC Sub-Committee on Public Finance Management Reforms on incentive grant system to provinces under performance for results program.

The committee approved the incentive grant for provinces as proposed by the sub-committee with the direction that further refinement, if required, may be made in the procedures/process in consultation with the provinces. Federal government will provide grants to provinces, through the incentive grant system, subject to fulfillment of certain baselines in the public finance management and social sector developments, especially in Health and Education sectors.

The meeting also reviewed the bi-annual implementation of the NFC Award for the period January-June, 2018 and approved the report for presentation to the Parliament and Provincial Assemblies.

Chief Minister of Sindh, Finance Ministers of Punjab, Khyber Pakhtunkhwa, Balochistan, senior officials of the Ministry of Finance and Finance Departments of the provinces and the AJ&K attended the meeting.

The Fiscal Coordination Committee, it may be mentioned, is a forum constituted by the Council of Common Interests for the purpose of ensuring cooperation and coordination among the federating units on fiscal matters