The Special Investment Facilitation Council (SIFC) is taking decisive steps to streamline financial coordination between the federal government and provincial authorities in Pakistan.
With an estimated allocation of Rs1 trillion in federal funding, the SIFC is facilitating subsidies and projects falling within provincial jurisdiction.
Under the Economic Stabilization Plan, #SIFC bridges fiscal divides between #federal & #provincial govts, channeling Rs 1 trillion for vital projects like #BISP, #PSDP, & #education. #SamaaTV pic.twitter.com/2xP2QC4hFu
— SAMAA TV (@SAMAATV) March 20, 2024
These encompass critical initiatives such as the Benazir Income Support Program (BISP), the Public Sector Development Program (PSDP), as well as investments in higher education, electricity provision for tube wells, and fertilizer subsidies.
The long-term goal of SIFC's efforts is to reduce financial strains on the federal government while ensuring optimal utilization of funds at the provincial level.
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Recognizing the need for fiscal stability, the SIFC is also addressing the imbalance in resource allocation between federal and provincial entities, as highlighted by the International Monetary Fund's recent call for a review of the National Finance Commission (NFC) award.
At present, there is a pressing need to develop consensus among provinces for a revision of the NFC award, thereby laying the groundwork for equitable revenue sharing.
Under the governance of the SIFC, Pakistan is on track to navigate economic challenges and embark on a trajectory of sustainable growth.
