ISLAMABAD: The Prime Minister was pleased to approve the establishment of the Economic and Financial Reforms Unit (EFRU) within the Finance Division.
According to a notification issued by the Finance Division, the EFRU has been assigned the following roles and responsibilities. The EFRU will work in coordination with relevant ministries (including the Privatization Commission) to drive the government’s triage reforms. It will oversee the portfolio and control the financial and non-financial information of public enterprises (EPs). He evaluates business plans and performance against budgets on an ongoing basis and determines key deliverables. He is responsible for keeping abreast of industry developments in various areas, including prices/tariffs, subsidies, circular debt, etc., and assessing their impact. It will work with various government organizations (including State Bank of Pakistan, Securities and Exchange Commission of Pakistan, etc.) to guide reforms/new products involving financial institutions and capital markets and debt. He will prepare policy papers on the government’s financial sector reform program and oversee financial analysis and research to rationalize and target various types of subsidies (including on-budget, off-budget, direct/indirect, implicit and explicit).
He will liaise with different government organizations, provide grants to federal and provincial governments, and prepare proposals/outline presentations to reform the grant regime.