PM Shehbaz transfers ECC chairmanship to Finance Minister Aurangzeb

Prime Minister (PM) Shehbaz Sharif, in a reversal of his earlier decision, has transferred the chairmanship of the Economic Coordination Committee (ECC) to Finance Minister Muhammad Aurangzeb.

According to a notification, the ECC will now be led by the finance minister, with ministers of economic affairs, planning, commerce, power, and petroleum being integral members of the committee.

Previously, PM Shehbaz had announced himself as the chair of the ECC when unveiling the composition of seven major committees. This move had drawn criticism for potentially limiting the authority of the new finance minister. 

Furthermore, the premier had initially chosen to preside over the Cabinet Committee on Energy (CCoE).

Similarly, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) was formed earlier under the chairmanship of the finance minister. Accordinng to Aaj News, the Minister for Finance will head the CCoSOEs, with ministers of Maritime Affairs, Economic Affairs Division, Science and Technology, and Housing and Works serving as its members.

In a report by APP, PM Shehbaz emphasised the government’s commitment to implementing tough economic measures to navigate the country out of crisis while ensuring the protection of the underprivileged segments of society. 

He stressed that the brunt of these measures would primarily be borne by the affluent, with mechanisms in place to safeguard the interests of the poor and vulnerable.

Speaking at the meeting of the Apex Committee of the Special Investment Facilitation Council (SIFC), the prime minister disclosed that the International Monetary Fund (IMF) had completed the review for the disbursement of the last tranche of US$1.1 billion, expected to be received next month.

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