Formation of NFC award unconditional to IMF, says Umar

LAHORE: Federal Finance Minister Asad Umar said on Friday the formation of National Finance Commission (NFC) Award was unconditional to International Monetary Fund (IMF) and current account deficit has decreased to $395 million from $2 billion.

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After presiding NFC meeting, Minister said in a press conference that no objections came forward from any of the provinces in the meeting and shares of provinces in the 9th NFC Award will not be decreased.

Minister said amount of provinces’ shares written in the constitution cannot be tempered with and during the tenure of previous governments provinces got less than the deserving share.

Minister said the next budget will be according to the NFC Award and will be public friendly.

Minister refuted the news of tax imposed on transfer of Rs25,000 and said tax imposed on files have been exempted.

It was decided in the meeting to finalise NFC Awards by December 31, 2019.

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