Progressing on the 10th NFC Award h) Exploring ways to reduce losses of State-owned enterprises and agreeing on mech­anism for sharing these losses between the Federal Government and the Provincial Governments. i) Any other matter relating to finance referred to the Commission by the President. Items(a) to(c) are the standard inclusions in the TOR. The additional items from(d) to (i) have presumably been included in the TOR given the strained financial position of the Federal Government and the need to promote some cost sharing between the two Governments. There is, however, no scope for reducing the combined Provincial share in the net Divisible Pool of Federal revenues because of the following clause inserted by the 18 th Amendment to the Constitution in Article 160(3A): ‘The share of the Provinces in each Award of the National Finance Commission shall not be less than the share given in the previous Award.’ 7.3. Projections for the 10 th NFC There is need to adopt the approach like that by the 5 th NFC of developing a National Resource Picture . This involves the approach of using the National Resource Picture for making five years Government’s revenue and expenditure projections. This will help in identifying the quantum of revenues that should remain with the Federal Government to cover basic expenditure needs of debt servicing and security and simultaneously cater to the expenditure of the Provincial Governments for provide coverage of basic services to the people. A National Resource Picture has been developed which is consistent with the Public Finance targets in Chapter One. The resulting estimates are given in Table 7.6. Table 7.6: National Resource Picture 2020-21 NATIONAL Tax Revenues 11.7 Non-Tax Revenues 2.9 Consolidated Budget Deficit 7.5 TOTAL 22.1 Source : Projected 2021-22 12.4 3.3 7.0 22.7 2022-23 13.0 3.4 6.6 23.0 2023-24 (% of GDP) 2024-25 14.1 15.0 3.4 3.4 5.7 5.0 23.2 23.4 The tax revenues of the Federal and Provincial Governments combined are projected to rise from 11.7 percent of the GDP to 15 percent of the GDP by 2024-25. In fact, the 7 th NFC had set the target at 15 percent of the GDP to be attained by 2014-15. The expectation is 69