The Task Force on Economic Policy (TEP) under Finance Division has been authorised to formulate a policy framework for improving economic relationship with China, USA, European Union, Japan, Saarc countries and Gulf states. According to the terms of reference, the Task Force, headed by Adviser to Prime Minister on Finance and Revenue, will identify major economic issues and formulate strategies to boost trade with these countries.
It will deliberate and propose appropriate measures pertaining to tax policy analysis, tax administration, inter-governmental transfer systems and investment climate issues clearly defining revenue implications.
It will also work on non-tax revenue, ie innovative financing instruments (raffles/lotto), off budget financing, public-private partnerships and project financing.
The task force will create an ideal mechanism for borrowings commensurate with national interests for foreign borrowings (tapping capital markets, IFI Financing, Swaps and derivatives) and domestic borrowings (bank borrowings, saving schemes, treasury bills, PIBs etc). The task force has also been given the mandate to streamline and ensure optimal utility of grants.
The body will deliberate/oversee expenditure strategy and management, especially on education, health and infrastructure along with sectoral strategies on infrastructure, poverty reduction, urban/rural agricultural/industrial competitiveness.
It will also ponder on the issues relating to Medium Term Budgetary Framework.
The task force has been permitted to cater for macro-economic stability (growth and investment strategy, fiscal policy, debt strategy, monetary Policy, exchange rates and interest rates policies).
It will formulate measures to improve economic ties with major countries like China, USA, European Union, Japan, Saarc, Gulf, South Africa etc.
It will oversee the regulatory reforms introduced by the government.
To achieve the policy impact and evaluation, it will also work on data monitoring, review of policies and revamping policies.
In the organisational set-up, renowned scholars of the economy/policy areas will also be involved as visiting advisers and senior veteran Pakistanis living abroad will also be encouraged for their inputs on short-term assignment.
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