PM Appoints Jahangir Tareen to Economic Advisory Council, Omits Dar and Aurangzeb

Economic Advisory Council

ISLAMABAD: Prime Minister Shehbaz Sharif has notably excluded his deputy, Ishaq Dar, and Finance Minister Muhammad Aurangzeb, while appointing Jahangir Tareen, the founder of the Istehkam-e-Pakistan Party (IPP), to the newly formed eight-member Economic Advisory Council (EAC), on Sunday.

The formation of this council comes just weeks before the 2024-25 budget presentation, signaling a strategic move by the PM to involve prominent business leaders and technocrats in shaping economic policy.

This advisory body is set to provide crucial insights and recommendations on key economic issues to the Prime Minister.

The absence of Dar and Aurangzeb from the council is particularly noteworthy. Dar, who heads the Cabinet Committee on Privatisation (CCOP), and Aurangzeb, who chairs the Economic Coordination Committee (ECC), both hold influential positions critical to the government’s economic agenda.

Their exclusion raises questions, given the importance of these committees in implementing financial policies and strategies.

The EAC, which will be led by the Prime Minister himself, includes notable figures such as Sauqib H Sherazi, Shahzad Saleem, Musadaq Zulqurnain, Dr Ijaz Nabi, Asif Peer, Zaid Bashir, and Salman Ahmed.

This diverse group of business tycoons and expert technocrats is expected to offer a wide range of perspectives and expertise.

With the 2024-25 budget anticipated to be unveiled in early June, the establishment of the EAC underscores the government’s intent to solicit input from these industry leaders and economic experts.

The goal is to integrate substantive proposals into the budget, addressing the nation’s economic challenges more effectively.

A key question remains whether the EAC will distinguish itself from previous advisory forums, which often devolved into mere discussion groups with members leveraging their positions for influence within the Ministry of Finance, Commerce, and the Federal Board of Revenue.

The real test will be whether this council can provide actionable and impactful contributions to the budget formulation process.

According to the publication, the council aims to deliver concrete recommendations to rejuvenate sluggish economic activities and stimulate growth.

This is particularly crucial as Pakistan navigates the stringent fiscal and monetary policies imposed by the International Monetary Fund (IMF) in the coming years.

The EAC’s success will hinge on its ability to propose viable solutions that can be seamlessly integrated into the government’s broader economic strategy, ultimately fostering a more robust and dynamic economic environment.