PM Gilani was chairing meeting of the Special Economic Coordination Committee and announced its constitution comprising the Finance Secretaries and experts from all the provinces.
The Prime Minister requested all provinces to follow the austerity measures adopted by the federal government in wake of the prevailing economic situation. These measures include freezing of all expenditure except salaries to give preference to projects, on which 70% work has been completed and stringent financial discipline in accordance with the allocation and disbursement under the NFC Accord.
The meeting was held in a cordial atmosphere and all provinces agreed, in principle, to resolve all outstanding issues in a spirit of cooperation and consensus.
The Prime Minister, in his opening remarks, emphasized adoption of austerity measures in the larger national interest. The purpose of the meeting, he said, is to apprise the Provincial Governments of their added financial responsibility after the 18th Amendment Act and the NFC Award.
Earlier, the Minister for Finance briefed the meeting on the current economic situation of the country as well as national and international obligations. He mentioned that in wake of the economic situation, decisions will have to be taken in consultation with the Provinces since they have become major economic players in the national economic management after the passage of 18th Amendment Act as well as the NFC Award.
Secretary Finance briefed the participants on the overall economic scenario including challenges and possible solutions. A presentation was also made on the collection of GST Reform in accordance with the views of all provincial governments.
Minister for Finance Dr Abdul Hafeez Shaikh, Chief Minister Punjab Mian Muhammad Shabaz Sharif, Chief Minister Sindh Syed Qaim Ali Shah, Chief Minister KPK Ameer Haider Khan Hoti, Chief Minister Balochistan Nawab Muhammad Aslam Raeesani, Minister for Finance Punjab Tanvir Ashraf Kaira, Minister for Finance Sindh Syed Murad Ali Shah, Minister for Finance KPK Humayun Khan, Minister for Finance Balochistan Asim Kurd, Federal Secretary Finance, Chief Secretary Punjab, Provincial Finance Secretaries and senior officers attended the meeting.