Today at the Finance Division, the provincial finance ministers met with interim finance minister Dr. Shamshad Akhtar.
The federal secretary of planning, the provincial finance secretaries, the chief minister of Sindh, the finance ministers of Khyber Pakhtunkhwa (KP) and Balochistan, as well as other senior government officials, attended the meeting. The conference was hybrid in style, with each provincial minister participating via video link.
The meeting’s objectives included evaluating PSDP spending patterns, reducing the cost of necessities, improving the standard of services provided in the fields of education and health, and relieving the general population by bolstering social safety nets.
The provinces provided assurances that initiatives are being taken to reduce costs, enhance the quality of services provided in the health and education sectors, and streamline financial discipline to meet spending goals.
Dr. Akhtar emphasised that the provinces serve as the point of contact with the general public and have a significant impact on social services, food security, and price stabilisation by reducing the difference between wholesale and retail prices of vital goods. She continued by saying that budgetary and policy coordination between the federal and provincial governments is essential for prosperity and the long-term expansion of the economy.
She emphasised that there is a significant opportunity to rationalise the agreements between the federal and provincial governments regarding public spending in order to promote efficiency and effectiveness of public spending, as well as to establish priorities for the quick and efficient implementation of projects under public sector development programmes, with a focus on social protection.
She emphasised that taking corrective action in this matter would not only produce significant cost savings but would also help the project’s execution and success in the top-priority fields of education and health.
Dr. Akhtar urged the provincial governments to ensure accomplishing the expenditure and income targets in the current budget of FY24 while sensitising the provincial finance ministers to them in order to achieve the main budget deficit targets.
Following the devolution of authority, the summit advised that provinces establish priorities for the many projects sponsored by the federal government that fell under their purview.
