ISLAMABAD, Nov 19: The government will set up a high-powered policy board for restructuring the Planning Commission to overcome weaknesses in key sectors like energy, water and infrastructure.

Addressing a press conference here on Wednesday, Deputy Chairman of the Planning Commission Salman Farooqui said the board would be headed by the president and prime minister, and would include renowned professionals.

Mr Farooqui said that an executive committee, comprising ministers of finance and planning and development and deputy chairman of the Privatisaition Commission would meet once a month.

He said another suggestion also being considered was the annual audit of major projects, ensuring efficient and effective implementation of projects.

“There has been a disconnect between the financial managers and development planners in the past for which we are paying a heavy price”, he said, adding, that “planning must adjust to new global and domestic imperatives”.

The reorganisation, he said, was aimed at ensuring an integrated approach to economic development, resulting in reducing poverty and improving living standards of the common man.