ISLAMABAD: Finance Minister Muhammad Aurangzeb emphasized the need for decisive action to eliminate cartelization from various economic sectors and markets across Pakistan.

During his visit to the Competition Commission of Pakistan (CCP) to assess its performance, the finance minister discussed the detrimental impact of cartels on the economy. He urged the government to take strict measures to dismantle such monopolies, which distort market competition. Minister Aurangzeb stated that he would request the Chief Justice of Pakistan to establish a special bench at the Supreme Court dedicated to handling competition-related cases. He also sought the Court’s support in matters involving government revenue. Drawing a parallel with the Chief Justice’s previous involvement in tax-related cases, Aurangzeb called for similar assistance in prosecuting cartel cases. Furthermore, he encouraged the CCP to engage top legal experts for pursuing legal action against those involved in cartelization. 

He reassured the commission of the government’s full support in combating such illegal activities. To enhance the effectiveness of the CCP, the finance minister proposed the use of advanced technologies and data analytics to monitor markets and identify collusive behaviors. He urged the CCP to expedite its investigations into ongoing cases of market manipulation. Aurangzeb also stated that he would soon meet with the Director General of the Federal Investigation Agency (FIA) to discuss the forensic analysis of evidence against cartels. He emphasized that a collaborative approach among law enforcement agencies could play a crucial role in eliminating cartelization. Moreover, the finance minister announced plans to automate the CCP’s operations, which would further improve the efficiency of its monitoring and enforcement activities. He also recommended that government agencies utilize the CCP’s research reports on various sectors to inform policymaking. While commending the performance of the CCP, Aurangzeb acknowledged that there was always room for improvement, urging the commission to become more proactive in its efforts.

In a separate development, Minister Aurangzeb admitted during a National Assembly Standing Committee on Finance meeting that there have been some challenges in implementing the International Monetary Fund (IMF) programme. However, he reaffirmed the government’s commitment to completing the $7 billion programme, despite facing difficulties in meeting certain IMF conditions.