Prime Minister Shehbaz Sharif’s formation of an eight-member high-powered Economic Advisory Council (EAC) under his leadership has generated curiosity. Especially, exclusion of Minister for Finance and Revenue Mohammad Aurangzeb from this council raises eyebrows, considering his crucial role in implementing economic strategies and policies.
Historically, similar advisory bodies were established with much fanfare but yielded limited tangible results. These forums often turned into debating clubs where businessmen and experts networked with key figures in the Ministry of Finance, Commerce, and Federal Board of Revenue (FBR), rather than offering substantial contributions to policy-making. This pattern of superficial engagement rendered past EACs largely ineffective, serving more as platforms for personal public relations than for actionable economic planning. The composition of new EAC that includes prominent business figures and technocrats promises expertise and insight, however it remains to be seen whether this EAC will transcend the pitfalls of its predecessors and provide actionable and practical recommendations. The EAC’s focus should be on generating solid and pragmatic recommendations aimed at revitalising country’s sluggish economic activities and spurring growth. This is particularly crucial given the International Monetary Fund’s (IMF) stringent fiscal and monetary policy prescriptions, which pose significant challenges in coming years.
To truly make a difference, the EAC must prioritise practical solutions that can be swiftly implemented. Recommendations could include measures to stimulate investment, enhance export competitiveness and create an environment conducive to business innovation and growth. Addressing structural issues, such as improving ease of doing business and ensuring policy stability should also be high on the agenda. The real test will be whether the EAC can deliver meaningful contributions that lead to tangible economic improvements, thereby justifying its establishment and breaking the cycle of ineffectiveness that plagued similar bodies in the past.
