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Govt notifies new Economic Advisory Council

PM Shehbaz Sharif chaired his first cabinet meeting. Source: PID.

ISLAMABAD: The Finance Ministry has notified Economic Advisory Council (EAC) to review and formulate economic policies.

According to notification. the EAC will be chaired by the Prime Minister. The council will be convened on weekly basis on the issues of national economic importance.

The members of council include Shahid Khaqan Abbasi, Ahsan Iqbal, Miftah Ismail, Saleem Mandviwalla, Ms. Marriyum Aurangzeb, Dr Ayesha Ghous Pasha, Mussadiq Malik, Tariq Pasha, Mian Muhammad Mansha, Mohammad Ali Tabba, Arif Habib, Dr Asim Hussain, Atif Bajwa, Faisal Farid, Aurangzeb, HBL, Waqar Ahmad Malik, MD/CEO Fauji Foundation, Salman Ahmed, Shahzad Salim, Rahman Naseem, Musadaq Zulqarnain and Dr ljaz Nabi.

Economic Advisory Council (EAC) is being established to review and formulate economic policies in a more holistic manner. It would advise on short term macro-economic stabilization as well as structural reforms for stable and sustained economic progress.

According to notification, the council would review the overall economic condition of the country and propose possible corrective measures considering available resources of the country.

It would analyze the effectiveness of subsidies, protection and other financial support by the government to the State Owned Enterprises (SoEs) and other vital sectors of the economy in context of overall cost and benefit analysis of such subsidies/protection.

The council would review the existing market imperfections in the various important sectors of the economy in order to promote competition by correcting the market distortions; and advise the government ministries, organizations, bodies and various project implementing agencies in formulating evidence-based policies.

It would help in finding the technical expertise and human resource that may be required to carry out the requisite financial and economic analysis/studies.

Economic Advisory CounciI will initially meet once a week (virtually/ in-person). Specific sub-committees will be formed for focused work with the timelines and defined scope. The EAC may co-opt any other member as per requirement, the notification added.

 

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