ISLAMABAD: A day after appointing himself chair of the country’s top economic committee, Prime Minister Shehbaz Sharif on Saturday reshuffled it by handing back the committee’s charge to Finance Minister Muhammad Aurangzeb, a notification by the Cabinet Division said.
The Economic Coordination Committee (ECCI) is one of the most important cabinet committees in every government and is tasked with deliberating on the country’s urgent economic matters and putting forward proposals to regulate policies to maximize production and exports, and prevent inflation.
The finance minister of every government usually leads the ECC. However, a notification released by the Cabinet Division on Friday said Sharif had constituted the ECC with himself as its chair, comprising ministers of economic affairs, commerce, power, petroleum and planning.
In a fresh notification on Saturday, however, the Cabinet Division said Sharif had “reconstituted” the committee with the finance minister as its chairman. In the new committee, the prime minister is not a member of the ECC.
“The Prime Minister, in terms of Rule 17 (2) of Rules of Business, 1973, has been pleased to reconstitute the Economic Coordination Committee (ECC) of the Cabinet,” the notification read.
Other members of the committee remained the same: the ministers of economic affairs, commerce, power, petroleum and planning.
It remains unclear why the prime minister reversed his decision and handed the chairmanship of the committee to the finance minister.
Quoting a senior member of the cabinet without naming them, Pakistani newspaper Dawn said the prime minster had “regretted he would be unable to chair the ECC meetings due to his hectic schedule and engagements.”
Last Sunday, the prime minister made an important change in his 19-member cabinet when he replaced Dr. Musadik Masood Malik with Sardar Awais Ahmed Khan Leghari as the minister of power.
Cash-strapped Pakistan is trying to negotiate a long-term bailout program with the International Monetary Fund (IMF) to stave off an economic crisis. The South Asian country’s fragile $350 billion economy needs external financing to avert a balance of payments crisis.
Pakistan’s economic crisis has seen inflation hover around 30 percent and economic growth slow to around 2 percent.
PM Sharif hands over charge of Pakistan’s top economic committee to finance minister
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PM Sharif hands over charge of Pakistan’s top economic committee to finance minister
- PM Sharif appointed himself as chair of the Economic Coordination Committee on Friday
- ECC is a government committee tasked with taking important decisions on Pakistan’s economy