KARACHI Federal Finance Minister Dr Abdul Hafeez Shaikh said on Saturday that energy subsidies and losses of state-run power entities are the largest burden on the national economy, on which the government had paid Rs1 trillion in the last four years. The finance minister maintained that the NATO attacks on Salala checkposts will not affect the economic relations with the US. Rs1 trillion is a huge money, he said while speaking at Karachi Press Club (KPC) on national economy. This means that the government is providing electricity to the consumers at a lower price than its cost, he added. The minister said that inefficiency and corporate misgovernance are other reasons for incurring colossal losses. He underlined the need for enhancing the role of private sector in state-run power sector organisations by encouraging public-private partnership to improve their performance and reduce losses. He said the government has to improve corporate governance, devise an ideal fuel mix, improve tariff structure and speed up future power projects to resolve energy crisis in the country. He said the tax collection has improved in the country due to government efforts to tax rich people. This will ensure self-reliance. In the previous five months of current fiscal year, the revenue collection was higher by 28 percent to record Rs 640 billion as compared to same period last year. This is more than the target, he noted. He pointed out that the government has paid Rs 50 billion under Benazir Income Support Programme to poor under a cash transfer scheme. This is a targeted subsidy programme to ensure that the poorest segment of the society should not be left behind, he added. Referring to the flood 2010, the minister said that this catastrophe inflicted a colossal loss of $10 billion on the economy and eaten up two per cent of the GDP. He said the government will cut its own budget as well as of other sectors to ensure national security. Responding to a question about the possible stoppage of US financial support to Pakistan under present circumstances and the preparation of the government, he said there was no big change in US policies relating to financial support to Pakistan. Pakistan will continue to get $500 million every year from USA, he noted. The minister said the largest fund providers to Pakistan are IMF, World Bank, Asian Development Bank and Islamic Development Bank and not USA. Moreover, we are presently focussing on 'trade and not on 'aid and therefore, are exploring markets in the coming years, he added. Recalling the political achievements of the present government, he said an additional Rs800 billion are being provided to the provinces under NFC award. Now the provinces are getting 60 per cent of the total national resources while the federation is getting only 40 per cent from the national kitty. Prior to current NFC Award, the Federation was getting 54 per cent of the national resources while provinces were getting 46 per cent, he added.