Prime Minister Shehbaz Sharif has established an eight-member high-powered Economic Advisory Council (EAC) as part of the preparations for the upcoming budget for 2024-25. Minister for Finance and Revenue Mohammad Aurangzeb and Deputy Prime Minister Ishaq Dar have been excluded from this council. The EAC is composed of prominent business figures, technocrats, and economists, including Jehangir Khan Tareen, Sauqib H Sherazi, Shahzad Saleem, Musadaq Zulqurnain, Dr. Ijaz Nabi, Asif Peer, Zaid Bashir, and Salman Ahmed. Prime Minister Shehbaz Sharif will lead the EAC and convene its meetings as necessary.
As the government prepares to unveil the budget for 2024-25 in the first ten days of June 2024, it aims to seek input from these business leaders and expert economists and integrate any substantial proposals into the upcoming budget. Historically, similar forums like the EAC have primarily served as platforms for debate, allowing businessmen and experts to establish connections with high-ranking officials in the Ministry of Finance, Commerce, and FBR. The effectiveness and distinctiveness of this newly established EAC in providing meaningful contributions to the budget-making process remain to be seen. The focus will be on delivering substantial recommendations on how to revitalize sluggish economic activities and stimulate growth within the constraints of the IMF’s stringent fiscal and monetary policies for the forthcoming years.
