ISLAMABAD: Finance Minister Asad Umar will chair the first meeting of the ninth National Finance Commission (NFC) award on February 6, ARY News reported on Saturday.
According to a press release issued by the finance ministry, the participants of the meeting will be briefed on the fiscal position of the federal government as well as of the provinces.
The meeting will also have a general discussion on strategy for deliberations over the new National Finance Commission Award.
Invitations to all members have already been issued to attend the inaugural session.
On January 12, President Dr Arif Alvi had reconstituted the ninth National Finance Commission (NFC) to formulate a new resource distribution formula between the Centre and federating units.
The Finance Division had notified the new 10-member Commission. Finance Minister Asad Umar was named as chairman of NFC which comprises the four provincial finance ministers.
The NFC Award is a constitutional obligation. It is clearly indicated in the Article 160 of the “Constitution of Islamic Republic of Pakistan, 1973” that it has been made mandatory for the government to compose NFC Award at an interval extending not more than five years for the amicable resource distribution among the federation and its respective units.