Subsidies reduced due to resource constraints: FM

ISLAMABAD: Finance Minister, Dr. Abdul Hafeez Sheikh has said that subsidies had to be reduced due to the resource constraints and added that efforts were afoot for the increase in income in a bid to ease the provision of funds with more resources thus raised.

Addressing the annual planning coordination committee meeting here, the finance minister said that funds would first be provided to the projects nearing completion. He said that disbursing more funds with shortage of resources was not easy. However, the planning commission has prepared a roadmap for the economic development and funds would be released on the basis of priority.

Dr. Abdul Hafeez Sheikh further said that as a result of the 7th NFC Award, the provinces have received 300 to 350 billion rupees additionally and with the availability of more resources, the responsibilities on the provinces rest more.

The provinces could spend more of these funds on supply of potable water, law and order and health facilities. Dr. Hafeez Sheikh said that the provinces have more funds than the federation for the development works and he hoped that the provinces would help cut the financial deficit.