ISLAMABAD – Prime Minister Imran Khan has laid down the foundation stone of Naya Pakistan on Saturday.
He believes in institution building and today has made the much desired economic institution in Pakistan.
The biggest challenge Pakistan faces today is of crashing economy in form of debts.
He formed an Economic Advisory Council to ensure the availability of best possible professional advice to the government.
The Economic Advisory Council shall be chaired by the Prime Minister himself, whcih will help to optimise and synergise the formulation and implementation of economic and financial policies of the government.
It comprises some of the most learned and well-respected experts, academics and practitioners of the field who are currently serving in, or have rich experience with, amongst the most advanced academic institutions and other specialised organisations in Pakistan and abroad.
The Advisory Council will comprise of 18 member among whcih 11 members would be from the private sector.
The members of the Advisory Council from private sector include Dr Farrukh Iqbal, Dr Ashfaque Hasan, Dr Ejaz, Dr Abdul Qayum Suleri, Dr Asad Zaman, Dr Naveed Ahmed, Syed Salim Raza, Sakib Sherani, Dr Atif Mian, Dr Asim Ejaz and Dr Imran Rasool.
Official members are Minister for Finance, Revenue & Economic Affairs, Minister for Planning and Development, Secretary of the Finance Division, Governor State Bank, Adviser on Institutional Reforms, Adviser on Commerce and Deputy Chairman of Planning Commission.
The Economic Advisory Council will meet at least once a month and its mandate will be to advise the government on both short-term macroeconomic stabilisation interventions and long-term structural reforms for stable and sustained economic development.
The Council is expected to play a pivotal role in strengthening the capacity of the government to design and introduce sound and effective policies for rapid and continued social and economic advancement, human resource development, improvement of business processes, and strengthening of data services.
The Council will also facilitate capacity building of the government in conducting policy analysis and will assist in reaching out to the international network of recognised economists to contribute to Pakistan’s development.
The Finance ministry will be the nodal government agency for the EAC, which will function in an entirely non-partisan manner and is expected to strengthen existing state institutions in a collaborative and concerted manner.