PM Forms Austerity Committee as Financial Challenges Mount

Prime Minister Shehbaz Sharif has constituted a National Austerity Committee to conserve resources and take austerity measures for ensuring rational utilization of public money besides curtailing expenditure to reduce the fiscal deficit.

The committee has been formed in view of the financial challenges being faced by the country and will submit its recommendations within 15 days for consideration by the premier.

Ex-Civil servant Nasir Mahmood Khosa will be the convener of the 15-member plus committee with the Minister of State for Finance being the co-convener. The Committee can co-opt any person from the public/private sector if deemed necessary.

The Terms of Reference (TORs) of the committee include:

  1. To reduce public expenditure and ensure fiscal discipline.
  2. To take measures to economize government operations.
  3. To review and rationalize the size of the government to achieve optimal and smart organizational structures including review of SOEs and corporations having redundant or overlapping functions.
  4. To invite proposals from Ministries/Divisions regarding austerity measures including curtailment of expenditure.
  5. Any other issue that is relevant or incidental to the achievement of austerity in government operations.