McKinsey develops economic vision for Pakistan
The government of Pakistan has hired McKinsey & Company to support the development of the social-economic vision for the country.
Since 1952 the so-called 'Planning Commission' advises Pakistan's government on economic and public policy. The Planning Commission (PC) researches and advises on areas such as national economy, public finance, public infrastructure and foreign economic policy. It works closely with the Ministry of Finance of Pakistan.
Earlier this year the PC was tasked by the Pakistani government with developing a new social-economic vision for the country. The vision - called 'Vision 2025' - should set the economic priorities for Pakistan, a nation of 180 million people, for the next 12 years. The deadline for the vision has been set at the end of this year, but due to the slow progress, the Pakistani minister of Planning, Development and Reforms (Ahsan Iqbal) has decided to intervene.
According to a local newspaper, the blueprint of the vision is not even ready, despite the 9 months of time spent by researchers of the PC. Iqbal decided to hire global strategy consulting firm McKinsey & Company to lead and complete the execution. This is, according to media reports, a “clear act of demonstrating his distrust towards the capabilities of the internal researchers.”
Asian Development Bank - Pakistan
It is not the first time the government of Pakistan has engaged McKinsey to support it on strategic economic policy. Earlier this year, the consulting firm was hired by the Asian Development Bank, on behalf of Pakistan, to develop a policy document. The work received quite some criticism from the media, as McKinsey was paid the hefty sum of $5 million for just one report.
