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Summary sent to ECC for implementation of IMF conditions.

ISLAMABAD -- Summary has been forwarded to Economic Coordination Committee (ECC) in terms of implementation of conditions of International Monetary Fund (IMF) to acquire surplus budget from provinces to minimize budget deficit.

Private TV channel said finance ministry has sent the summary on implementation of terms and the conditions set by IMF to ECC for consideration. The Council of Common Interests will consider this summary today.

As per documents it will be binding on the provinces to provide surplus budget to federal government in the next fiscal year in line with the proposal of ministry of finance. A sum of Rs 117 billion will be acquired surplus from the provinces during the current financial year. Rs 60 billion will be obtained from Punjab, Rs 30 billion from Sindh, Rs 17 billion from Khyber Pakhtunkhwa and Rs 10 billion from Balochistan. This surplus amount will be kept in Federal Government Account No 1.

This surplus budget will help bring down fiscal deficit of the budget of the current financial year to the level of 6.3 percent.
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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Jul 24, 2013
Words:175
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