ISLAMABAD: With constitution of Economic Advisory Council (EAC) placed by Finance Minister Ishaq Dar, the government seems serious to take different independent economists and divergent voices into confidence in the process of formulating policies to fix the economic problems.
One thing should be made crystal clear that the economy of Pakistan could not run with the approach of status quo so the government would have to make basic structural changes in the different sectors of the economy for achieving the desired results. The improvement in taxation structure is dire need of the hour and the country’s fiscal woes cannot be overcome with existing flawed taxation system where more reliance is on indirect taxes and the rich are enjoying all kinds of exemptions and concessions.
With the Finance Minister in its chair the Advisory Council shall have 19 other members from different walks of life. They are Dr. Ishrat Husain, Dean and Director, Institute of Business Administration, Karachi, Dr. Ijaz Nabi, Dean, School of Humanities, Social Sciences and Law, LUMS, Abid Hasan, Farooq Rahmatullah (Energy), Zubair Soomro, Banking, Mr. Shafqat Ali Jamoot, Agriculturist/Businessman, Arshad Zubairi, Business Recorder, Farrakh Qayyum, Dr. Sania Nishtar, CEO, Heart File, Dr. Ashfaq Hassan Khan, Dean & Professor(Economics), NUST, Akbar Zaidi, Muslahuddin, PIDE, Mr. Furrukh Saleem, Dr. Abid Qayyum Suleri, SDPI, Saqib Sherani, Qazi Azmat Essa CEO, Pakistan Poverty Alleviation Fund, Chairman Board of Investment, Governor SBP and Chairman FBR.
As a matter of fact, the EAC was not a new idea as successive governments had established such forums but never gained full benefits.
Now this time, the government should do something different as the EAC should not be treated as a debating forum but it should be given powers to make a difference in policy formulation.
During the tenure of previous PPP-led regime, the EAC was used to get inputs from economists and researchers on eve of budget making process only and in many instances their suggestions were ignored or partially accepted because of strong vested groups.
The previous regime had also placed Revenue Advisory Council (RAC) as well but it remained unable to make any dent for moving towards improvement in the country’s taxation system.
It should be expected that the government will authorize this forum with clear-cut objectives for improving the country’s economy on sustained basis.
