PM’s extended role for economic revival proposed

ISLAMABAD: The government is considering a proposal to set up an institutional mechanism for better coordination and improved performance of economic ministries besides assigning the task to monitor the implementation of IMF programme to PM’s Office.

Informed sources told The News that the prime minister has been told by some key members of his team of experts that he may even consider chairing the ECC. This, it is believed, would signal high-level political leadership and direction to economic matters.

A special unit is also proposed to be notified in the Cabinet Division to monitor the implementation of ECC’s decisions.

The sources said that it has been discussed and acknowledged that economic ministries work in compartments and, therefore, need some better institutional mechanism to achieve the greater agenda of steering the country out of the present economic quagmire and achieving sustainable economic growth and self-reliance.

“The federal government needs a more stout institutional mechanism to integrate programmes and interventions,” a well-placed government source said, adding, “Economic ministries are particularly scattered and work in compartments. They have competing objectives and performance indicators.”

It is said that policy harmonisation is imperative to achieve milestone based measurable results. The prime minister is suggested for the constitution of an Inter-Ministerial Economic Action Committee with special mandate to present well-deliberated proposals to the Economic Coordination Committee of the Cabinet and facilitate implementation of its decisions.

This Inter-Ministerial Economic Action Committee, it is proposed, should comprise secretaries of the ministries of Finance, Planning, Commerce, Industries, Revenue, Board of Investment, Petroleum, Power, National Food Security and Science and Technology.

The prime minister is suggested that he may consider chairing the ECC. Such a move is expected to attach high importance for all about the nature of focus required from all stakeholders and key players for the economic revival of the country. It is also discussed that a special unit be notified in the Cabinet Division to monitor the implementation of ECC’s decisions.

The role of the PM’s Office in relation to the IMF programme has also been discussed, these sources said.

They said that since the ongoing standby agreement with the IMF would conclude soon and the government is contemplating another extended facility programme, the PM is suggested that the PM’s Office should be assigned to monitor the implementation of the programme.