ISLAMABAD (our reports): The provinces have assured to the federal governments to follow budget targets for the current fiscal year.
The Federal Minister of Finance, Revenue and Economic Affairs Division Dr. Shamshad Akhtar held a meeting with the Provincial Finance Ministers at the Finance Division, today.
The Provincial Ministers joined the meeting through the video link. Chief Minister Sindh, Finance Ministers of Khyber Pakhtunkhwa (KPK) and Balochistan and other officials attended the meetings.
Meeting between Federal and provinces
The Finance Minister emphasized that the provinces are the interface with the public. They have a major role to play in improving the social services. The provinces must play their role for ensuring food security. The provinces must play their role to stabilizing prices by minimizing the gap between the whole-sale & retail prices of the essential commodities. She added that policy and fiscal coordination between the federal and provincial governments is pivotal for the sustainable growth.
Public Spending
There is need to rationalize the public spending arrangements with the federal and provinces for effectiveness of spending, she said. She said that the provinces have to prioritization for smooth implementation of the development projects with emphasis on social protection.
She underlined that the corrective measures in this regard would give result in substantive savings. Corrective measures would contribute in improving the effectiveness of the project in the priority sectors of education and health.
Finance Minister sensitized the provincial finance Ministers about the expenditure and revenue targets in the current budget of the FY 2023-24. Dr. Akhtar encouraged the provincial governments to ensure achieving the budget targets of public spending and revenue.
Development projects
The meeting recommended that provinces to bring forward prioritization of those development projects which fall under the ambit of provincial subjects after the devolution of power.
The Provinces assured that efforts are underway to control prices and improve quality of service in health and education sectors and to streamline financial discipline to meet budgetary targets.