ISLAMABAD, Nov 22: Prime Minister Mir Zafarullah Khan Jamali said the formation of NFC was a major step towards provincial harmony and economic strength of the country.

“The NFC award is a matter of utmost importance and it will be finalized with consensus between provinces”.

The prime minister expressed these views while talking to Federal Finance Minister Shaukat Aziz, who called on him at the Prime Minister‘s House on Saturday.

During the meeting, he apprised the prime minister about the working of the ministry. The overall economic progress of the country was also discussed with special reference towards the recently constituted National Finance Commission (NFC) and the NFC award.

The prime minister was also informed that the next meeting of NFC would be held on December 13 and the provincial finance ministers will hold their meeting on December 12.

The prime minister was also briefed about the economic progress of the country in the last 12 months, which include increased foreign exchange reserves, exchange rate stability, control on inflation, reduced fiscal deficit, increased growth, increased revenues and exports, reduced debt, improved credit rating, increase in support price for wheat and allocating a historical sum of Rs. 160 billion for the current PSDP.

The prime minister welcomed the scheduled meeting of the provincial finance ministers and said that it would be move in the right director.

He also urged the Finance Minister to speed up the process of NFC award so that the provinces can have their due share as soon as possible.

Regarding the economic indicators, the prime minister said that the overall economic condition has improved a lot during the last 12 months. But, he added, a lot needs to be done as the country‘s economy is in the take-off stage and a constant check should be there to ensure sustained growth and economic stability.

Secretary Economic Affairs Division Dr Waqar Masood Khan was also present during the meeting.