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ISLAMABAD, (MANEND NEWS): Federal Minister for Finance and
Revenue Shaukat Fayaz Ahmed Tarin chaired the third meeting of the
Economic Advisory Council (EAC) held at Finance Division.
In his remarks, the Finance Minister 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, the Finance
Minister added.
The Third meeting of Economic Advisory Council, chaired by the
Federal Minister for Finance and Revenue, was attended by Federal
Minister for Industries and Production Makhdoom Khusro Bakhtyar,
Federal Minister for Privatization Muhammad Mian Soomro and Federal
Minister for National Food Security and Research Syed Fakhar Imaam.
Advisor to the Prime Minister on Commerce Abdul Razak Dawood,
SAPM on Finance & Revenue Dr. Waqar Masood Khan, Secretary
Finance, Secretary Privatization and Deputy Governor SBP also
attended the meeting. Private members Sultan Ali Allana, Farooq
Rehmatullah and Zaid Bashir also participated in the meeting and
shared valuable input.
During the third meeting of Economic Advisory Council (EAC), four
sub-groups made respective presentations. The sub-groups gave their
presentations on topics namely SOEs & Privatization, Energy, Domestic
Commerce and Price Stability. SAPM on Finance and Revenue Dr.
Waqar Masood Khan gave a detailed presentation on Price Stability
which included short term, medium term and long term proposals for
bringing price stability in the country.
The SAPM on Finance and Revenue drew a comparative analysis
between prices prevailing in Pakistan and also in the entire region both
in current and historical perspectives. Federal Minister for National
Food Security and Research Syed Fakhar Imam and Federal Minister
for Industries for Production Makhdoom Khusro Bakhtyar also gave
their valuable input on the topic. Farooq Rehmatullah gave
presentation on Energy (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.
Farooq Rehmatullah, during his presentation, gave suggestions to deal
with the challenges faced by LPG, exploration & production sectors and
to explore renewable energy resources in Pakistan. Mr. Sultan Ali
Allana made a presentation on State Owned Enterprises (SOEs). The
Secretary Privatization updated the EAC on Privatization. The
presentation emphasized the importance of continued review of SOEs
portfolio and also highlighted steps for better management of SOEs.
The presentation included short term, medium term and long term
strategies for better management of the State Owned enterprises (in
phases). The presentation further included measures to speed up the
privatization process in a smooth and timely manner.
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
organized environment ultimately increasing contribution to the
National exchequer. Tax credit on enlistment of companies and to
incentivize 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.
