ISLAMABAD Terming the finalisation of 7th National Finance Commission Award as victory of the democracy, President Asif Ali Zardari on Tuesday inked the historic document in presence of the provincial chief ministers and governors. Addressing the ceremony, he said that it was a big step forward towards strengthening of the Federation, as the agreement was 'a historic achievement of the present political Government. It is a victory for democracy, political parties and all provinces, and also success of the policy of reconciliation, he said The NFC award was agreed upon by the four provinces at a ceremony at Gwadar on Dec 30 after a gap of 19 years and would come into effect from the next financial year. Besides Prime Minister Syed Yousuf Raza Gilani, federal ministers, Governor Punjab Salman Taseer, Governor Sindh Ishratul Ebad, Governor Balochistan Nawab Zulfiqar Magsi, Chief Minister Punjab Mian Shahbaz Sharif, Chief Minister Sindh Qaim Ali Shah, Chief Minister NWFP Amir Haider Khan Hoti and Chief Minister Balochistan Nawabzada Aslam Raeesani and the Parliamentarians attended the ceremony at the Presidency. I feel democracy has taken a leap. We are trying to make a new Pakistan by adhering to the spirit and vision of Mohtarma Benazir Bhutto, he said and added that the nation would soon hear good news regarding the Constitutional reforms by the end of this month. Democracy that returned to the country some time back, has demonstrated its strength. Lets give it time to grow, give people of Pakistan a chance to grow and they will prove a productive part of the global society, he said addressing what he termed as detractors. Meanwhile, Prime Minister Gilani while addressing the ceremony said the NFC award would reduce the trust deficit between the Federation and provinces and also amongst the provinces. He termed the NFC as real dividend of democracy, where the political leadership has shown utmost consideration and maturity in arriving at this award. According to the Prime Minister, the Federation displayed its large-heartedness in assigning 56-57.5 percent of divisible pool to the provinces, and has given an unprecedented autonomy to the provinces for their economic development, he added. He assured that the legislation required for implementation of the re-commendatory provisions of the Award for improving the governance capacity of both the Federal and the provincial governments. He urged the Federal and provincial authorities to initiate necessary legal and administrative steps to ensure implementation from July 1, 2010. The 7th NFC award adopted a multifactor criterion where in population will get 82 percent, poverty 10.3 percent, revenue collection 5 percent (2.5 percent revenue generation, 2.5 percent revenue collection) while the area will get 2.7 percent weight. Under the award issues like; payment of Net Hydel Profit to NWFP, distribution of gas development surcharge (GDS) and imposition of GST on services, have been resolved.