Prime Minister Shehbaz Sharif’s recent establishment of the Economic Advisory Council (EAC) marks a significant step towards addressing Pakistan’s pressing economic challenges. This strategic move, detailed in an official notification issued by the Finance Division on Saturday, underscores the government’s commitment to leveraging expert economic advice to navigate the complex financial landscape of the country. The EAC, chaired by Prime Minister Shehbaz Sharif, includes a roster of notable figures such as former IPP chairman Jahangir Tareen, Saqib Shirazi, and Shahzad Saleem, among others. This council is poised to play a pivotal role in shaping Pakistan’s economic policies, providing strategic insights and recommendations to the government, particularly to the chief executive.
The formation of the Economic Advisory Council comes at a crucial time for Pakistan, as the country faces multifaceted economic issues ranging from inflation to fiscal deficits and a need for structural reforms. The inclusion of Jahangir Tareen, despite his withdrawal from politics following his defeat in the February 8 general elections, highlights the government’s strategy of incorporating experienced and knowledgeable individuals who can contribute to the nation’s economic revival. Alongside Tareen, the council boasts other esteemed members like Musadik Zulqarnain, Dr. Ijaz Nabi, Asif Peer, Ziad Bashir, and Salman Ahmed, each bringing a wealth of expertise and diverse perspectives to the table.
The Economic Advisory Council is not a constitutional body but an independent entity aimed at providing high-level economic guidance. Its establishment reflects Prime Minister Shehbaz Sharif’s recognition of the need for a multifaceted approach to economic policy-making, involving input from experts with varied backgrounds in business, finance, and academia. The EAC’s mandate is to analyze current economic conditions, forecast future trends, and suggest actionable strategies to stimulate growth, manage inflation, and improve fiscal stability.
Prime Minister Sharif’s initiative to form the EAC is part of a broader effort to engage with stakeholders and experts in the economic field to ensure that the government’s policies are informed by a thorough understanding of both local and global economic dynamics. The council’s input is expected to influence critical areas such as macroeconomic stability, fiscal management, and structural reforms, which are essential for sustainable development.
The presence of Jahangir Tareen in the council is particularly noteworthy given his extensive experience in both politics and business. Tareen’s insights, especially in agricultural and industrial sectors, are anticipated to be invaluable. His involvement signals an inclusive approach to policy-making, where past political affiliations are set aside in favor of expertise and pragmatic solutions.
Furthermore, the EAC’s diverse composition ensures a comprehensive evaluation of economic strategies. Members like Saqib Shirazi and Shahzad Saleem bring their extensive experience in the corporate sector, which will be crucial in formulating policies that foster private sector growth and investment. Meanwhile, academics like Dr. Ijaz Nabi offer a scholarly perspective on economic issues, bridging the gap between theory and practice.
One of the council’s primary objectives is to provide actionable recommendations to combat inflation, which has been a significant concern for Pakistan. By analyzing data and trends, the EAC aims to propose measures that can stabilize prices and ensure the availability of essential goods. Additionally, the council will focus on improving the fiscal health of the country by suggesting ways to enhance revenue generation and manage public debt more effectively.
The EAC’s establishment also underscores the importance of private-public partnerships in driving economic growth. By engaging successful entrepreneurs and business leaders like Asif Peer and Ziad Bashir, the government hopes to create an environment conducive to investment and innovation. These members can offer practical insights into improving the ease of doing business in Pakistan, thus attracting foreign direct investment and boosting economic activity.
Moreover, the council’s advisory role extends to structural reforms, which are vital for long-term economic stability. The EAC is expected to recommend policies that promote efficiency in public sector enterprises, enhance the regulatory framework, and streamline bureaucratic processes. Such reforms are essential to create a more dynamic and competitive economy.
The council’s recommendations will be crucial in formulating the national budget and economic policies. Their strategic insights will help the government allocate resources more efficiently, prioritize key sectors, and implement policies that promote sustainable economic growth. The EAC’s advice will also be instrumental in negotiating with international financial institutions and managing foreign relations in the economic domain.
Prime Minister Shehbaz Sharif’s proactive approach in forming the EAC reflects a broader vision for Pakistan’s economic future. By drawing on the expertise of seasoned professionals, the government aims to navigate the complexities of the global economy and position Pakistan on a path of sustained growth and prosperity. The council’s work will be closely watched, as its success will significantly impact the government’s ability to deliver on its economic promises.
In conclusion, the formation of the Economic Advisory Council by Prime Minister Shehbaz Sharif represents a strategic initiative aimed at harnessing expert knowledge to address Pakistan’s economic challenges. With a diverse and experienced membership, the EAC is poised to provide invaluable guidance to the government, helping to shape policies that promote growth, stability, and prosperity. The inclusion of prominent figures like Jahangir Tareen signifies a commitment to pragmatic and inclusive policy-making. As the council begins its work, its recommendations will be crucial in steering Pakistan towards a brighter economic future.