Prime Minister Shehbaz Sharif has made a significant reversal in his decision-making by relinquishing the chairmanship of the Economic Coordination Committee (ECC).
In a recent notification, it was announced that the ECC would now be chaired by Finance Minister Muhammad Aurangzeb. The committee’s composition will include ministers responsible for economic affairs, planning, commerce, power, and petroleum.
This decision marks a departure from Shehbaz’s earlier announcement where he had positioned himself as the head of the ECC, a move that drew criticism for potentially curbing the authority of the newly appointed finance minister.
Previously, Shehbaz Sharif had also opted to lead the Cabinet Committee on Energy (CCoE). Additionally, he had established the Cabinet Committee on State-owned Enterprises (CCoSOEs), appointing the finance minister as its chairperson.
Under the CCoSOEs, the Minister for Finance will chair the committee, with ministers of Maritime Affairs, Economic Affairs Division, Science and Technology, and Housing and Works serving as members.
In a statement reported by state-run APP, Prime Minister Shehbaz Sharif emphasized the government’s commitment to making tough economic decisions aimed at navigating the country out of crisis. He assured that while these measures might primarily impact the affluent sections of society, safeguards would be in place to protect the interests of the less privileged.
During a meeting of the Apex Committee of Special Investment Facilitation Council (SIFC), the Prime Minister highlighted that the International Monetary Fund (IMF) had completed its review for the disbursement of the final tranche of US$1.1 billion, anticipated to be received by the following month.
Overall, these recent developments reflect a strategic shift in the leadership of key economic committees, indicating a renewed focus on addressing economic challenges while safeguarding the interests of all segments of society.
