Country needs a Deputy PM for economic affairs

The benchmark index Karachi Stock Excha-nge fell 130 points on Tuesday, amid growing uncertainty as regards to who will fill Shaukat Tarins shoes, when he walks out of the Finance Ministers office later this month.
Rumour had it for long that Tarin had planned to quit the government by February or March. One of the most popular reasons cited in this context was his failure to garner the required political support for his game plan to revamp Pakistans economy.
But, evidently, it was his interest, to safeguard his lifelong savings invested in Silk Bank Limited and the pressure from foreign investors, who, after taking a bet on him, appear to be unhappy at his absence from the helm of the newly transformed lender.
On February 1, 2010 the former Citi banker had tendered his resignation with the intention of leaving the post by February 28, 2010. The replacements suggested by Tarin were Dr. Hafiz Pasha, the development economist who once headed the Planning Commission, and Dr Ishrat Hussain, another development economist and the former governor of State Bank of Pakistan.
Tarins suggestions, also included the names of Dr. Ijaz Nabi, an economist at World Bank, and Shahid Kardar, former Finance Minister Punjab to head the Planning Commission. Instead the Prime Minister chose to offer the Planning Commission to the two technocrats, Pasha and Hussain. The reasons were obvious: politicians want a fellow politician at Finance Ministry.
Finance Ministers position, since Ghulam Ishaq Khan and Shaukat Aziz means a de facto Deputy Prime Minister with all the key economic ministries under his wing. These ministries are: Finance, Planning Commission, Economic Affairs, Statistics, Water & Power, Petroleum & Natural Resources, Commerce and Industries.
The full-fledged Finance Minister as Chairman of the ECC (Economic Coordination Committee) should provide the muscle over economic decisions. ECC attends to day-to-day economic matters and coordinates the economic policy initiated by the government. ECC, however, in its present form does not effectively function as a coordinating economic ministry.
However, policy formulation remains confined in individual ministries. As a result, conflicting policies are drawn up by various ministries. They are placed before the ECC when individual investment cases get bogged down in bureaucratic rigmarole for resolution.
Other countries such as Indonesia and Malaysia have a Deputy Prime Minister for Economic Affairs. Individual ministers in-charge of Finance, Commerce, Industry, Natural Resources, Water, Planning Commission etc directly report to this Deputy Prime Minister.
This reduces the workload on the Prime Minister who concentrates mainly on constitutional issues and relations with the opposition.
PPP, as a party is said to be supportive of the health minister Makhdoom Shahabuddin - former minister of state for finance in Benazir Bhuttos government under the Advisor, V. A. Jaffrey.
President Zardari, however, wishes to appoint a close confidante, Nasim Beg - a chartered accountant currently heading Arif Habib Investment.
How about elevating Ms. Hina Rabbani Khar? After all, she was Minister of State for Economic Affairs in Shaukat Azizs cabinet and is now Minister of State for Finance. Shaukat Tarins exit provides secretary finance, Salman Siddiq, an opportunity to come of age - a la Chaudhry Muhammad Ali/Ghulam Ishaq Khan.