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KP to get Rs 296.9m, Balochistan Rs 175.4m as cash rewards

17 December, 2013

ISLAMABAD: Federal Government has decided to pay Rs 175.4 million to Balochistan and Rs 296.9 million to Khyber Pakhtunkhwa governments respectively as a reward for showing surplus in the first quarter.

This was disclosed by Finance Minister Ishaq Dar while chairing a meeting to monitor the National Finance Commission in Islamabad on Monday.

It is pertinent to mention that the Finance Minister had‚ during a meeting of the Council of Common Interest (CCI)‚ committed to give incentives to provinces if they showed surpluses.

The meeting decided that the Federal Government would bear 50 percent of the costs of Local Bodies (LB) elections while the remaining fifty percent were to be borne by the provinces.

The meeting was told that in addition to the above transfers out of the divisible pool taxes‚ the net proceeds of the royalties on crude oil and natural gas‚ gas development surcharge and excise duty on natural gas were also transferred to provinces.

The quantum of the amount were Punjab 3.3 billion rupees‚ Sindh 26.7 billion rupees‚ Khyber Pakhtunkhwa 10.6 billion rupees and Balochistan 3.7 billion rupees from January to June this year.

All the participants expressed their satisfaction over the implementation of NFC Award and thanked the Federal Finance Minister for his support and patronage.

End.

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