EAC proposes steps for price stability, accelerating privatisation

ISLAMABAD: The Economic Advisory Council (EAC) on Saturday proposed measures to bring price stability, speed up privatisation process and promote domestic economy.

The third meeting of Economic Advisory Council was chaired by the Minister for Finance and Revenue Shaukat Tarin and attended by ministers and advisers.

During the third meeting of EAC, four sub-groups made respective presentations. The sub-groups gave their presentations on topics namely state-owned enterprises (SOEs) and privatisation, energy, domestic commerce and price stability.

Special Assistant to Prime Minister on Finance and Revenue Waqar Masood Khan gave a detailed presentation on price stability which included short-, medium- and long-term proposals for bringing price stability in the country. Khan drew a comparative analysis between prices prevailing in Pakistan and also in the entire region both in current and historical perspectives.

Private member Farooq Rehmatullah gave presentation on power sector. The presentation highlighted global, regional and local trends in the refining sectors. The presentation also included recommendations for bringing in sustainable solutions to streamline operations from oil downstream to marketing sectors.

Another private member Sultan Ali Allana made a presentation on SOEs. The presentation emphasised the importance of continued review of SOEs portfolio and also highlighted steps for better management of SOEs. The presentation included strategies for better management of the SOEs in phases. The presentation further included measures to speed up the privatization process in a smooth and timely manner.

Private member Zaid Bashir made a presentation on domestic commerce sector. The presentation underlined to enrich and revive the documented/integrated sectors and fully realize the true potential of e-commerce during the short term by bringing retailers into a more organised environment ultimately increasing contribution to the National exchequer. Tax credit on enlistment of companies and to incentivise the induction of women in workforce were suggested as part of medium-term plans whereas financing facility for growth of the retailers and tax adjustability were suggested as part of a long-term strategy for promoting domestic commerce sector in the country.

All the participants held an in-depth discussion on proposals presented during the meeting and shared their valuable input. A follow-up session would be held soon.

Tarin stressed the importance of long-term planning for achieving sustainable and all-inclusive economic growth. Prime Minister has re-constituted EAC, after decades, with an objective to draw up concrete proposals for sustainable economic growth through comprehensive and seamless planning across major sectors by taking all stakeholders on board. The underlying rationale is to secure the future of coming generations in the country, he added.