ISLAMABAD, Oct 20: Prime Minister Shaukat Aziz has accorded formal approval to set up Economic Reform Unit (ERU) in the finance ministry for continuity of economic reforms agenda and development of private sector.

The ERU will work in collaboration with private sector, ministries, provincial governments, international agencies and all stakeholders, says a statement issued here on Friday by administration wing of ministry of finance. The ERU will evolve its strategy for the development of private sector besides reviewing the extant rules and regulations.

It will work for addressing irritants to create environment conducive to boost business activities besides devising strategy to curtail cost of business. It will recommend amendments in various regulations for the development of private sector besides ensuring transparency.

The unit will set up a business advisory council which will include representatives from both public and private sectors. They will advise the government to launch business-friendly reforms in private sector.

It will also workout a roadmap and preferential reforms plan with regard to every sector and will give proposals to the government from time to time for effective monitoring and implementation of such plans.—Online