Planning ministry forms high-level policy board to devise long-term economic strategies

ISLAMABAD: The federal government has constituted a high-level policy board headed by Planning Minister Ahsan Iqbal aimed to "enhance transparency and improve the economic planning process with the active participation of private sector and corporate leaders".

The policy board is the initiative of the Planning Ministry and the Planning Commission of Pakistan, comprising a diverse group of esteemed members from various sectors, including former federal ministers, industry leaders, academic experts, and international professionals, an official statement read.

The policy board, chaired by Iqbal, comprises a diverse group of esteemed members from various sectors, including former federal ministers, industry leaders, academic experts, and international professionals.

The board's notable members include ex-caretaker federal minister Shahid Ashraf Tarar, Interloop Limited Chairman Musadaq Zulqarnain, Vice Chancellor of the University of Agriculture — Faisalabad Dr Rana Iqrar, and an IT expert from the USA Naveed Sherwani among others.

The newly-formed body has been tasked to provide advisory on policy formulation and strategy development, offering guidance on policies and strategies aimed at promoting mid and long-term economic growth.

Additionally, the board will also offer insights on national and international economic issues, reviewing macroeconomic trends and providing economic outlooks to inform policy decisions.

It will also evaluate national plans and economic reports to offer recommendations, assess socio-economic trends to support evidence-based policy advice, and advise on policies to enhance national innovation and competitiveness.

Furthermore, the board will integrate sustainable development goals into national economic strategies, facilitate dialogue with key stakeholders, and promote international cooperation. It will also review the impact of major economic policies to evaluate their effectiveness.

Chairing the first meeting of the policy board, Federal Minister Iqbal emphasised the importance of this initiative in stabilising Pakistan’s economy.

He highlighted that the participation of the private sector would significantly improve the Planning Commission's performance. The board members will play a crucial role in developing strategic frameworks and preparing short, medium, and long-term plans.

Iqbal noted that the policy board would ensure the implementation of the 5Es Framework, the 13th Five-Year Plan, and Vision 2030.

These frameworks prioritise key sectors such as exports, digital development, environmental sustainability, energy, and equity.

The experiences and recommendations of the members will also assist in formulating the national budget, making the process more transparent and reliable.

The federal minister reiterated the government's commitment to transforming Pakistan into a trillion-dollar economy by 2035 through the effective implementation of the 5Es Framework.

He called upon private organisations, civil society, and experts to collaborate in driving the nation toward stability and growth.

The members of the policy board expressed their appreciation for the inclusion of experts from the private and corporate sectors.

They pledged their full support to the government's initiatives, recognising the significant impact this collaboration could have on Pakistan’s economic development.