ISLAMABAD, Dec 7: Adviser to the prime minister on finance and revenue Dr Salman Shah on Tuesday chaired the first meeting of the recently-constituted Task Force on Economic Policy (TEP) and discussed various issues.
He asked the members to prepare a comprehensive document outlining the major future economic policies as well as the mechanism to achieve the goals set in the plan. The meeting discussed the allocation of various areas of work to the task force members who would prepare recommendations for future policies and plans.
The task force has been set up to provide quality input to the economic policy formulation and its implementation. It is also entrusted to improve quality of economic decisions on major economic issues and to endeavour for overall socio-economic development of the country.
Headed by Dr Salman Shah, the task force comprises of members from private and public sectors, including Dr Ali Cheema, Dr Mushtaq Khan, Dr Faisal Bari, Dr Junaid Ahmad and Saqib Sherani. The ex-officio members include MOS for finance, secretary M/O finance, CBR chairman, economic adviser and senior joint-secretary (investment and M/O finance).
The task force will identify major issues on economy and formulate strategies to mitigate these, deliberate and propose appropriate measures on revenue relating to tax policy analysis, tax administration, inter-governmental transfer systems, investment climate issues, etc.
It will also work on the non-tax revenue, i.e. innovative financing instruments for infrastructure financing and public-private partnerships. The task force will streamline and ensure optimal utility of grants, review the poverty reduction strategy and prioritize poverty reduction expenditure, especially on education, health and infrastructure along with sectoral strategies on urban/rural agricultural/industrial competitiveness.
It will also work on the issues relating to medium-term budgetary framework cater for macro economic stability, growth and investment strategy, fiscal policy, debt strategy monetary policy, exchange and interest rates policies. It will formulate and review measures to improve economic ties with major countries like China, the US, European Union states, Japan, Saarc and OIC countries.
The task force will review regulatory reforms introduced by the government to achieve the policy impact. Regulations impacting SMEs will also be reviewed. The task force has also been asked to work on improving data availability and review existing policies.
Renowned scholars of economics/policy area and veteran Pakistanis living abroad will also be encouraged for their inputs on short-term assignments. The members will submit reports on the tasks assigned to them in the next meeting scheduled for first week of January, 2005. -APP
