ISLAMABAD: The government is undertaking a comprehensive restructuring of the Planning Commission to overcome the weaknesses that have caused serious imbalances in the economy with shortages in key areas, such as energy, water and infrastructure.

“There has been disconnect between the financial managers and development planners in the past for which we are paying a heavy price,” the Deputy Chairman of the Planning Commission said Wednesday adding, that planning must adjust to new global and domestic imperatives.

This reorganization of the Planning Commission has been proposed to the Prime Minister and the Cabinet. The aim of the reorganization is to ensure an integrated approach to economic development with a human face that results in reducing poverty and improving living standards of the common people.

Planning Commission is being converted into the country’s Knowledge Platform setting medium and long-term vision and priorities, playing a leading integrative role in sectoral policies formulation, ensuring optimal utilization of limited resources and tracking progress against respective goals.

To achieve this objective a high powered Policy Board of the Planning Commission led by the President and the Prime Minister is being set up to reflect support for its decisions at the highest level and a blend of eminent professionals and public figures of repute/standards.

The policy board co-chaired by the President and the Prime Minister will meet at least once in every three months to review plans and their implementation status. An executive committee of the policy board comprising of Ministers of Finance and Planning and Development and Deputy Chairman Planning Commission will meet once every month for a similar review.

It is also proposed to introduce annual programme audit of major projects, and ongoing simple financial audit to ensure efficient and effective implementation of the projects. The new structure envisages a dynamic and competitive private sectors operating under a more transparent and efficient governance structure and for this purpose three new wings are being established in the Planning Commission on private sector development, capital markets and governance and administrative reforms headed by fulltime Members who will be eminent professionals in their respective fields.

Member Infrastructure will take care of Public Private Partnership meant for improving the overall business confidence and investment flows.