The prime minister on Saturday approved the reconstitution of the Economic Advisory Council (EAC) but did not appoint former finance minister Shaukat Tarin as its convenor.

Earlier, Tarin had confirmed he would be the EAC chairman. However, the appointment of Finance Minister Hammad Azhar as vice chairman indicates that Tarin would not have the lead role.

The EAC will recommend macroeconomic stabilisation measures and carry forward the reform agenda for robust and sustained economic growth. The EAC shall be chaired by the prime minister and the minister for finance and revenue shall be the vice chairman, according to a statement issued on Saturday. In the absence of the prime minister, the finance minister may chair the meeting.

The EAC shall include private sector members as well as official members. The private sector officials include Abid Suleri, Arif Habib, Asif Qureshi, Ejaz Nabi, Farooq Rehmatullah, Muhammad Ali Tabba, Rashid Amjad, Salman Shah, Shaukat Tarin, Shamshad Akhtar, Sultan Allana, Syed Salim Raza and Zaid Ali Muhammad.

The EAC will have an advisory and capacity enhancement relationship with the government of Pakistan. It will engage with economic institutions and will follow the consultative process and suggest policy initiatives that will further strengthen and optimise financial and economic policies in order to enhance their welfare impact for the citizens.

The EAC aims to promote analytically sound and evidence based reforms and initiatives after taking all stakeholders on board. The Ministry of Finance will be the nodal government agency for the EAC.

‚ÄčThe reconstitution of EAC is aimed at framing an agenda for economic reforms in an entirely non-partisan manner and promoting an active and informed debate that leads to sound policymaking, analytical vetting and active monitoring as envisaged by the leadership for sustained institutional reforms and modernisation of the public sector and enhance public welfare.