PM makes Aurangzeb head of ECC after uproar

ISLAMABAD: Finance Minister Muhammad Aurangzeb will be heading the Economic Coordination Committee (ECC) after Prime Minister Shehbaz Sharif reshuffled the key economic body on Sunday.

With the reorganisation of the ECC already notified, the body will also include ministers for finance, economic affairs, commerce, power, petroleum and planning, development and special initiatives.

The development comes a day after The News reported that the prime minister himself was to chair the ECC and the finance minister would only take his place in the wake of premier’s absence.

The prime minister on Saturday constituted six separate cabinet committees on economic coordination, energy, Chinese investment projects, privatisation, State-Owned Enterprises (SOEs) and disposal of legislative cases in terms of Rule 17(2) of Rules of Business 1973.

The ECC will see whether fresh legislation or amendments to the existing laws are in line with the constitutional scheme, not in violation of any existing law and fall within the mandate of parliament.

The body also includes the Planning Commission deputy chairman, State Bank of Pakistan governor, Securities Exchange Commission of Pakistan chairman, Federal Board of Revenue chairman, Board of Investment chairman and federal secretaries for Power Division, Commerce Division, Communications Division, Finance Division, Industries and Production Division, Economic Affairs Division, Petroleum Division, Planning, Development and Special Initiatives Division, National Food Security & Research Division, Privatisation Division, Railways Division, Revenue Division, Poverty Alleviation & Social Safety Division and Water Resources Division.

The ECC’s reorganisation comes as Islamabad is seeking a longer and larger size of fresh bailout package under the Extended Fund Facility (EFF) and is expected to engage in negotiations with the Washington-based lender next month.

The country is expected to seek a fresh IMF bailout package of over $8 billion with the possibility of augmentation through climate finance on the occasion of upcoming spring meetings of Breton Wood Institutions, known as the IMF/World Bank, scheduled to be held in Washington, DC, from April 15 to 20.

A Pakistani delegation, led by Finance Minister Aurangzeb and comprising Finance Secretary Imdadullah Bosal, Secretary EAD Kazim Niaz and State Bank of Pakistan Governor Jamil Ahmed, will participate in the meetings.