President reconstitutes 10-member National Finance Commission

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ISLAMABAD: President Arif Alvi has reconstituted the 10-member National Finance Commission (NFC) under Finance Minister Asad Umar.

The NFC will instigate discussions to develop an agreement between the Centre and the provinces over resource distribution formula from the Federal Divisible Pool (FDP).

The Commission has been formed under Article 160(1) of the Constitution of the Islamic Republic of Pakistan.

The NFC will also include four provincial ministers of finance, as well as non-official members Dr Salman Shah representing Punjab, Asad Sayeed from Sindh, Musharraf Rasool from KP and Mahfooz Ali Khan from Balochistan, The News reported.

The federal secretary finance will also be in attendance as an official expert.

The Commission will work on developing a consensus on new resource distribution formula among the stakeholders. The NFC requires a consensus as decisions cannot be taken with the majority.