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Summary
The NWFP government has received first check of Rs 10 billion of net profit from electricity. The federal government will provide remaining Rs 100 billion in four years. Whereas, Finance Minister Punjab Tanvir Ashraf Kaira said that Punjab will also demand its arrears in the NFC meeting from the federal government, adding that the formula used to provide profit to NWFP government should also be applied to Punjab.Provincial Secretary Finance NWFP Sahibzada Saeed received check of first tranche of net profit from electricity in Islamabad. NWFP would be provided with remaining Rs 100 billion in four equal tranches of Rs 25 billion each per year. Provincial Information Minister Mian Iftikhar Hussain lauded the federal government for fulfilling its promise. The NWFP government has assured to participate in the NFC meeting that will start from Nov 18 as the payment of arrears to the NWFP started.On the other hand, talking to media in Lahore, Finance Minister Punjab Tanvir Ashraf Kaira said that Punjab had always participated in NFC meetings with positive approach and he vowed to support any formula that caters interest of all the provinces. Although Punjabs stand is on population based distribution of revenue, however, if a formula for distribution based on under development, area and revenue, came, we will show flexibility, he added. Kaira said that deadlock was not expected in the upcoming meeting and the final NFC award would be agreed upon.
