Wednesday, July 24, 2024

Pakistan Rejects IMF’s Call to Revisit NFC Award

According to sources, the Pakistan government has declined the International Monetary Fund’s (IMF) request to revisit the National Finance Commission (NFC) Award.

The IMF, during the second review talks under the $3 billion loan program, urged Islamabad to reconsider the NFC Award with the provinces, citing a shortage of federal funds.

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Government sources stated that no recommendation against the constitution regarding the NFC Award will be approved. The share of provinces under the NFC Award will not be reduced, although the federation and its units can collaborate on the matter.

Furthermore, sources indicated that the federation will explore alternative methods to increase its income.

Article 160 of the Constitution empowers the president to approve the distribution of revenues between the federation and the provinces through an NFC Award order.

While the 2010 NFC award was initially agreed upon for five years, there has been no consensus to revisit it since then.

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The IMF delegation is presently in Pakistan for the second review under the SBA loan program, with approval from the IMF potentially unlocking a $1.1 billion loan tranche for Pakistan.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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