Prime Minister Imran Khan on Monday appointed finance minister Asad Umar as head of the Economic Coordination Committee of the cabinet that approves key economic decisions.
The ECC has traditionally been chaired by the federal finance minister and the prime minister is not usually involved in its affairs. But last year, former PM Shahid Khaqan Abbasi removed the then finance minister Ishaq Dar from his post and served as chairman ECC.
Now Imran Khan has reverted the decision, appointing finance minister Asad Umar as chairperson of the 12-member body on the economy.
Its members include the ministers of key federal ministries: communications, law, water and power, planning, national food security, privatization, railways, statistics and water resources. The ministries of trade, textile, institutional reforms and austerity, commerce, textile, industry and production, and investment have also been added to the ECC.
ECC is a key consultative forum used by the prime minister of Pakistan for matters concerning the state’s economy. It also maintains vigilance on the monetary and credit situation, oversees monetary regulations, import, exports and inflation. The ECC also issues licences for local and foreign oil exploration companies.