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Finance Minister

Eight working groups formed ahead of 11th NFC award

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NFC award

ISLAMABAD: Eight working groups have been formed by the federal government to draft recommendations for the 11th National Finance Commission (NFC) Award, according to sources.

A working group on provincial jurisdictional expenditures has been formed, headed by the Finance Minister of Punjab. Another group on resource-sharing ratios between the federal and provincial governments will be led by the Finance Minister of Balochistan.

Additional working groups include: national debt structure and utilization, improving tax-to-GDP ratio, led by the Finance Minister of Khyber Pakhtunkhwa, direct transfer of resources to provinces, headed by the Finance Minister of Sindh, integration of former FATA and NFC shares and structure of the divisible pool, led by Finance Minister Mohammad Aurangzeb.

The first meeting on the 11th NFC award was held on December 4, during which the formation of these working groups was approved.

The second meeting is expected by mid-January, where each working group will present its recommendations within its area of focus.

These working groups aim to ensure a transparent and efficient resource distribution framework between the federation and the provinces.

Federal Government sets December 4 for key NFC meeting

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Federal Government

ISLAMABAD: The federal government has scheduled the 11th National Finance Commission (NFC) meeting for December 4, bringing together federal and provincial representatives to review the country’s financial framework.

The session will be chaired by Federal Finance Minister Senator Aurangzeb and attended by the finance ministers of all four provinces along with private members.

According to the agenda, the federal secretary will brief participants on the financial position of the federal government, while provincial representatives will give 10-minute briefings on their respective fiscal situations.

The Finance Ministry stated that the December 4 meeting will finalize the schedule and timelines for subsequent sessions aimed at determining the National Finance Commission Award.

Aurangzeb highlights Google’s interest in turning Pakistan into export hub

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Aurangzeb

KARACHI: Federal Finance Minister Muhammad Aurangzeb announced that Google intends to develop Pakistan as an export hub, a move that underscores increasing global confidence in the country’s economic potential and digital growth prospects..

Speaking at the Future Summit in Karachi, the finance minister said Pakistan’s economy is moving in the right direction, with a renewed focus on production-led and sustainable growth. “The private sector plays a crucial role in driving economic progress. Our goal is to make Pakistan an export-oriented economy, with particular focus on the IT and maritime sectors,” he added.

Aurangzeb noted that international rating agencies have acknowledged Pakistan’s improving economic indicators, highlighting macroeconomic stability and a 9 percent rise in corporate profits.

He further said that efforts to broaden the tax base have resulted in an increase of 900,000 new filers. “Digitization will bring transparency to the economy, and countries like Egypt have expressed interest in learning from Pakistan’s FBR reforms,” he remarked.

The finance minister emphasized that structural reforms are essential for sustainable economic growth. He added that Pakistan will continue to build an ecosystem to leverage global diplomatic successes, promote AI-driven development, and tap into the vast potential of the blue economy.

Aurangzeb also disclosed that the government has decided to privatize 24 state-owned enterprises, with the privatization of Pakistan International Airlines (PIA) expected to be completed before the end of this year.