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April 1, 2002
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Monday
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Muharram 17, 1423
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EAB: no meaningful performance in two years
By Ihtasham ul Haque
The delay in implementing some policies or pursuing others half-heatedly is causing problems in achieving any meaningful turn around in the economy, notwithstanding the official claims that the economy is on way to recovery.
The much-talked about high profile, the Economic Advisory Board (EAB) set up about two years ago, meets rarely and when it does, it is informed just about the activities of the various ministries and divisions. The Board’s input on economic issues and irritants is hardly given any importance and as such it has been reduced to a discussion forum, —perhaps only to praise each others’ presentations by the heads of the ministries.
Initially, it was not the mandate of the EAB to take the presentations by the ministries and divisions or to listen to the finance minister’s long-winded speeches covering only positive aspects of the economy. The board was to meet last week under the chairmanship of President General Pervez Musharraf but its meeting was postponed at the eleventh hour due to his other ‘pressing engagements’.
The EAB had formed 15 sub-committees on major issues including investment, deregulation, energy, privatisation, revenues, budget deficit, exports, balance of payments position and the reforms of the banking sector. Except on energy, there is hardly any acceptance of recommendations by the government. The report on the basic economic framework was not reportedly liked by the officials in the ministry of finance and was therefore shelved without providing an opportunity to its members to explain their position.
The government is now close to completing its three years and it has decided to remove various irritants that are hurting the investment— both by the local and foreign invest
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