‘Policy Board’ Constituted Under Ahsan Iqbal To Ensure Economic Stability

ISLAMABAD, (UrduPoint / Pakistan Point News - 7th Sep, 2024) The Ministry of Planning, Development & Special Initiatives and the Planning Commission of Pakistan have constituted a high-level 'Policy Board', under the visionary leadership of Professor Ahsan Iqbal to ensure economic stability in the country.

“This initiative aims to enhance transparency and improve the economic planning process of the country with the active participation of private sector and corporate leaders,” a news release said on Saturday.

The Policy Board, led by Professor Ahsan Iqbal, comprises a diverse group of esteemed members from various sectors, including former federal ministers, industry leaders, academic experts and international professionals.

Notable members include Shahid Ashraf Tarar, Ex-Caretaker Federal Minister; Musadaq Zulqarnain, Chairman of Interloop Limited; Dr Rana Iqrar, Vice Chancellor of the University of Agriculture, Faisalabad and and Naveed Sherwani, an IT expert from the USA.

The board has been tasked with several critical responsibilities like providing advisory on policy formulation and strategy development, offering guidance on policies and strategies aimed at promoting mid and long-term economic growth.

Additionally, it would offer insights on national and international economic issues, reviewing macroeconomic trends and providing economic outlooks to inform policy decisions.

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

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

Chairing the first meeting of the Policy Board, Ahsan Iqbal emphasized the importance of this initiative in stabilizing 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.

Ahsan Iqbal noted that the Policy Board would ensure the implementation of the 5Es Framework, the 13th Five-Year Plan, and Vision 2030. These frameworks prioritize key sectors such as exports, digital development, environmental sustainability, energy and equity.

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

The 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 organizations, civil society and experts to collaborate in driving the nation toward stability and growth.

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, recognizing the significant impact this collaboration could have on Pakistan’s economic development.

The establishment of the Policy Board marks a major milestone in Pakistan’s economic planning process.With the combined efforts of the government and private sector experts, Pakistan is poised to achieve sustainable development and economic stability.

The Planning Ministry’s initiative under Professor Ahsan Iqbal’s leadership is a testament to the government’s dedication to fostering a prosperous future for the nation.