QUETTA, May 31: State Minister for Finance Omar Ayub Khan has stated that Balochistan is the economic future of Pakistan and all Central Asian States and other countries of the region want to do their future trade through the Gwadar Port.

Speaking at a pre-budget seminar, he said in view of future economic needs, infrastructure would be developed in Balochistan.

He said that volume of exports from Pakistan to different countries through Chaman border had been Rs12.50 billion up to April this year while import volume had been recorded at Rs1.30 billion.

Mr Omar said that export at the Pak-Iran border was Rs4.75 billion while import remained Rs4.50 billion within the same period.

He indicated a federal PSDP of Rs435 billion, and said that a major chunk of it would be spent on Balochistan.

He said that provinces will get an additional Rs90 billion in the next financial year, as their share in the next NFC award would be increased to 46 per cent.

Referring to the NFC award, the State Minister for Finance said that provinces could not reach a consensus on the horizontal distribution formula, which was to be decided by the president.

He said that the president had increased the share of the provinces from 35 per cent to 45 per cent and next year it would be increased to 46 per cent, adding that within the next five years the share of the provinces would be increased to 50 per cent.He said that with the increase of the one per cent share the provinces would get an additional Rs90 billion.

He said that the provinces should make their monitoring system effective so that these funds could be utilised in the right way.

Mr Omar said that the Federal Government was extending a subsidy of Rs 100 billion on various items, including edibles, to provide relief to small consumers.

Provincial finance secretary Mehfooz Ali Khan spoke on problems and achievements of Balochistan.

He said revenue base of the Balochistan government had been widened from Rs1.50 billion to Rs2.80 billion to generate more resources for future development.

Syed Fasieh Iqbal, Media Raziq Bugti, Javed Rahim Paracha and Dr Shafiq-ur-Rehman also spoke.

The seminar was organised by the Federal Ministry of Information and Broadcasting. Additional Secretary Fazlur Rehman and PIO Chaudhry Rashid Ahmed represented the ministry in the seminar.