PM Khan summons first meeting of Economic Advisory Council today

ISLAMABAD: Prime Minister Imran Khan will chair on Thursday (today) the first meeting of the newly-formed Economic Advisory Council (EAC). 

According to sources privy to the matter, the meeting is expected to deliberate on the key issues faced by the new government lately, of whether or not to approach the International Monetary Fund (IMF) for a bailout package to cushion the current economic crisis in the country.

The discussion on overall economic situation, collection of taxes, measures to increase exports and to overcome the trade and current account deficit are also likely to be the part of the agenda of the meeting.

On August 31, Finance Minister Asad Umar told the Senate that the government needs $9 billion to run Pakistan.

He said the government, as per the budget, need $9 billion to run the country.”We are trying to address the root cause that compels us to borrow these $ nine billion. Off course, we know any policy will take time to yield results,” he added.

The minister added that the decision to approach the International Monetary Fund (IMF) for loan will be taken after consultations and taking the parliament into confidence.

Earlier this week, Prime Minister Imran Khan  constituted an 18-member Economic Advisory Council to ensure the availability of best possible professional advice to the government.

The 18-member council includes renowned economist Dr Farrukh Iqbal who serves as the director of Institute of Business Administration (IBA), Dr Ashfaque Hassan Khan, the dean of the National University of Science and Technology and former Governor of State Bank of Pakistan Syed Salim Raza.

Other members of the EAC include Dr Ijaz Nabi who is a law professor at the Lahore University of Management Sciences (LUMS), Dr Abid Qaiyum Sulehri the executive director of the Sustainable Development Policy, as per the notification.

Vice-chancellor of the Pakistan Institute of Development Economics Dr Asad Zaman and Dr Naved Hamed a professor at LUMS are also part of the council.

Moreover, economist Shakib Sherani, Dr Atif Mian, Dr Asim Ijaz and Dr Imran Rasul are also a part of the EAC.