In a first, foreign minister replaces finance minister in CCI
- Body’s reconstitution done on the advice of the president.
- Notification is issued after PM Shehbaz’s approval.
- CCI is the largest decision-making forum of Pakistan.
ISLAMABAD: Prime Minister Shehbaz Sharif approved the reconstitution of the Council of Common Interests (CCI) on Friday, replacing the finance minister with the foreign minister.
President Asif Ali Zardari, on the advice of PM Shehbaz, constituted the eight-member CCI under Article 153 of the Constitution, said a notification.
The CCI is being headed by PM Shehbaz and all four chief ministers are among the council’s members.
The notification read that Foreign Minister Ishaq Dar, Defense Minister Khawaja Asif, and Safron Minister Amir Muqam are also included in the CCI.
The CCI is the largest decision-making forum of the country which decides all those matters, including distribution of natural resources, upon which there is a disagreement between the center and provinces.
This is not the first instance that PM Shehbaz has snubbed the finance minister and given a task to Foreign Minister Ishaq Dar.
Last week, PM Shehbaz constituted six separate cabinet committees on economic coordination, energy, Chinese investment projects, privatization, State-Owned Enterprises (SOEs) and disposal of legislative cases.
In his decision, the PM decided to keep the ECC with himself while he tasked Foreign Minister Dar to head the Cabinet Committee on Privatisation.
Traditionally these committees have been headed by the finance minister.
However, a day after the announcement and receiving backlash PM Shehbaz reshuffled the ECC and tasked Finance Minister Aurangzeb as head of the key economic body.
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In a surprising move, a foreign minister has replaced the finance minister in the Cabinet Committee on Investments (CCI). This unprecedented change has left many speculating about the reasons behind the decision and the potential implications for economic policy.
The CCI is a high-level government body responsible for clearing major investment projects and promoting economic growth. The finance minister is typically a key member of the committee, given their oversight of economic policy and government finances.
The decision to replace the finance minister with the foreign minister suggests a shift in priorities towards attracting foreign investment and fostering international relations. It may also indicate a desire to align economic policy more closely with diplomatic goals and global trends.
While the move could bring new perspectives and opportunities to the CCI, it has raised concerns about the implications for economic stability and domestic investment. The finance minister’s role in shaping fiscal policy and managing the country’s finances is crucial for maintaining economic growth and stability.
It remains to be seen how this change will impact the CCI’s decision-making process and the overall direction of economic policy. Both the foreign minister and finance minister will need to work closely together to ensure that the country’s economic interests are effectively represented in high-level investment decisions.