Representation of the the Punjab at FCC:

Monday, November 5, 2018

Finance Minister Asad Umar chaired the meeting of Fiscal Coordination Committee (FCC) here Wednesday. Chief Minister of Sindh and Finance Ministers/senior officials of Punjab, KP and Baluchistan attended the meeting. The meeting reviewed the bi-annual implementation of the NFC Award for the period July-December, 2016, January-June, 2017 and July-December, 2017. The reports were approved for presentation to the Parliament and Provincial Assemblies. The meeting was briefed by the Ministry of Finance regarding the fiscal consolidation program of the Federal Government. Provincial Finance Ministers assured the Federal Government of their full support for the fiscal consolidation efforts as it was need of the hour. Governor State Bank was assigned the task to chalk-out a simplified procedure in this regard. Matters relating to provincial surpluses were also discussed. The provincial governments expressed their support and cooperation in this realm. The meeting also reviewed the Federal Government Public Financial Management (PFM)Program which was being run with the help of World Bank. It was agreed to constitute a Sub-Committee and Technical Committees to review various actionable items in the PFM Program. It was agreed that provincial governments will provide names of their representatives for the Sub-Committee as well as Technical Committees.