March, 17 2005	Thursday	06 Safar 1426

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PESHAWAR, March 16: Prime Minister Shaukat Aziz has said that finalization of the next National Finance Commission (NFC) award is pending because of differences among the federating units. “Finalizing the next NFC award is not a big issue, if the federating units reach an agreement,” the prime minister said here on Wednesday while addressing the last session of a three-day international investment conference.

Mr Aziz’s remarks on the NFC came in response to NWFP’s financial issues which were highlighted by provincial minister for finance, planning and development Siraj-ul-Haq during his welcome address on the occasion. The provincial minister said that the NWFP government had been facing financial crisis because of the federal government’s reluctance, last year, to distribute resources between the federating units and the federal government on 50:50 basis — a move the federal government intends to make in fulfilment of an announcement made recently by President Gen Pervez Musharraf.

Mr Haq also said that the federal government’s backtrack from a commitment made by former prime minister Mir Zafarullah Khan Jamali viz-a-viz NWFP’s annual capped share of net hydel profit from Rs6 billion to Rs8 billion in the 2004-05 financial year, had plunged the provincial government in deep financial crisis.

The prime minister, addressing on the occasion, said that the finalization of the NFC award was pending because of differences among the provinces. He, however, said that his government was striving hard to develop a congenial political environment in the country, which was vital for economic progress and industrialization.

Besides, he added, by improving law and order situation and through diplomacy and foreign policy the government was trying to attract foreign investors to start businesses in Pakistan. “Now, all major hotels in Karachi, Lahore and Islamabad are booked to their capacity because a large number of foreigners are visiting Pakistan these days in search of exploring business opportunities,” the prime minister said.