ISLAMABAD   -   The government has reconstituted the Economic Coordination Committee (ECC), Cabinet Committee on Privatization (CCoP) and Cabinet Committee on Energy (CCoE) with Advisor to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh as its chairman. The government has reconstituted the Cabinet Committees after replacing Asad Umar with Shaikh as head of its economic team. Prime Minister Imran Khan had recently appointed Shaikh as its Advisor on the economic affairs.

The government has constituted 14 members ECC, a top economic decisions making body of the country.  Advisor to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh would head the ECC. Other members of the newly constituted ECC are minister for communication, minister for law and justice, minister for maritime affairs, minister for national food security and research, minister for petroleum, minister for power,  minister for planning, development and reforms, minister for privatization, minister for railways, Minister for Poverty Alleviation & Social Safety (When appointed), minister for water resources, advisor on commerce, textile, industry and production and investment and advisor on institutional reforms and austerity.

The following would be invited by special invitation for all items of the agenda: (i) Deputy Chairman Planning Commission (when appointed), (ii) Governor, State Bank of Pakistan; (iii) Chairman securities & exchanges commission of Pakistan; (iv) Special Assistant to the Prime Minister on Media, (v) Special Assistant to the Prime Minister on Petroleum, (vi) Chairman Board of Investment; (vii) Secretary Commerce; (viii) Secretary Communications Division; (ix) Secretary Economic Affairs Division; (x) Secretary Finance; (xi) Secretary Industries and Production; (xii) Secretary, National Food Security and Research; (xiii) Secretary Planning and Development; (xiv) Secretary Petroleum Division; (xv) Secretary Power Division; (xvi) Secretary Privatization Division; (xvii) Secretary Railways Division; (xviii) Secretary Revenue Division; (xix) Secretary, Poverty Alleviation & Social Safety Division (xx) Secretary Textile Industry; and (xxi) Secretary Water Resources Division.

Under the Charter, the ECC considers all urgent economic matters and coordination of economic policies initiated by various Divisions of Government. It also identifies and proposes measures for the gradual attainment of the status of a welfare state. The ECC maintain vigilance on the monetary and credit situation and make proposals for the regulation of credit in order to maximize production and exports and to prevent inflation. It determines the future pattern of growth of agriculture and industries. The ECC review country’s import policy and its effect on production and Investment from time to time.

According to the Charter, the ECC evaluates export performance from time to time in relation to specific policies and measures for the promotion of exports. It also watches the current price situation with a view to ensuring the stability of the prices of goods used by the common man. It also implementing the task assigned by the Cabinet from time to time. The ECC reviews cases of agreements and licensing for oil prospectaing and exploration, overseeing the performance of important Autonomous Bodies and cases of Industrial sanctions where powers have not been delegated to subordinate authorities and also reviews tariff problems and cases involving fiscal anomalies. CCoE: “In supersession of Cabinet Division’s Notification of even number and in terms of rule 17(2) of the Rules of Business, 1973, the Prime Minister has been pleased to re-constitute the Cabinet Committee on Energy (CCoE) with immediate effect,” stated a notification issued by Cabinet Division.

The composition of the CCoE will be as under: Advisor to the Prime Minister on Finance, Revenue & Economic Affairs as Chairman. Other members of the CCoE are Minister for Maritime Affairs, Minister for Petroleum, Minister for Planning, Development & Reform, Minister for Power Minister for Railways Adviser to the Prime Minister on Commerce, Textile, Industry & Production and Investment.  

CCoP: The composition of the CCoP will be as: Adviser to the Prime Minister on Finance, Revenue Economic Affairs as its Chairman. Other members of the committee would be Minister for Communications,   Minister for Law & Justice, Minister for Planning, Development & Reform, and Minister for Privatization, Minister for Power, Adviser to the Prime Minister on Commerce, Textile Industry & Production and Investment and Adviser to the Prime Minister on Institutional Reforms and Austerity. 

The Cabinet Committee on Privatization shall have the following Terms of Reference:-  To formulate the Privatization Policy for approval of the Government/Cabinet. The committee would also approve the State Owned Enterprises for privatization on the recommendation of the Privatization Commission. The CCoP would also take policy decisions on inter-ministerial issues relating to the privatization process. The committee would also review and monitor the progress of privatization. It would also approve the Reference Price in respect of the State Owned Enterprises being privatized.