ISLAMABAD(Eshfak Mughal):- The PTI-led Federal government has offered highest salary packages to aquire services of highly skilled professionals from private sector for the top positions in the Economic & Financial Reforms Unit in the Finance Ministry.
The Newly established “Economic and Financial Reforms Unite” will work under the Adviser to Finance Ministry on Economic & Financial Reforms.
The Government has offered a Special Professional Pay Scale-1 called (SPPS-I) to the advisor and a tender had been issued in this regard.
The PTI Government had created this special scale on 2019. The SPPS-1 draws salary up to Rs2 million per month, as per the notification of the Establishment Division. The Advisor will be hired on contract basis for two years and extension would be subject to performance. The advisor will be responsible to report to Finance Secretary.
It is pertinent to mention here that grade-22 officer in Public Sector who serves as Secretary draws total monthly salary around one million rupee including all allowances.
According to the tender issued by the Finance Ministry, the advisor will be SPPS-I and will monitor the financial institutions, instruments, entities owned by Finance Division for the optimal use of invested capital.
The advisor will also work on the revival of DFIs to support growth agenda, facilitating infrastructure financing platforms on PPP model, Promoting VC/PE activities, supporting regional housing finance entities, facilitating specialized vehicles for SME financing and providing support for establishment of corporate restructuring companies. The advisor will be responsible to provide market based information and support to various functional areas within Finance Division.
The Finance Division also expects that the advisor will create a platform for coordinating with market intermediaries, financial associations and other stakeholders to facilitate market reforms.
Three Director General will be work under the Advisor namely Director General Financial Sector Reforms Unit, Director General Subsidies Cell and Director General KPP/ EAC. The DGs will report to Advisor and they will be MP-I with salary of around 0.7 million each per month. These MPs will work on contract basis for three years.
Senior Manager, Subsidies Evaluation will work as MP-II and Coordinator, KPP/EAC and Chief Information Officer will be hired as MP-III. These officers will be hired on contract bases for three years.
The Economic and Financial Reform Unit will responsible to work in coordination with relevant government ministries (including Privatization Commission) to steer Government’s triage reforms. It will also oversee portfolio and monitor financial and non-financial information of SOEs. Assess business plans and performance against budgets on an ongoing basis and determine key deliverables. It will also to keep abreast of industry developments in various areas including pricing/ tariff, subsidies, circular debt etc. and assess their impact. It will also Work with various Government organizations (including State Bank of Pakistan, Securities and Exchange Commission of Pakistan, etc) with the view to steer reforms / new products involving financial institutions and capital & debt markets.
The Unite will also to prepare policy papers on Government’s financial sector reform agenda and oversee financial analysis and research to rationalize and target various types of subsidies (including on-budget, off-budget, direct/ indirect, implicit and explicit subsidies).