IMF or No IMF: PM Imran Khan chairs first economic advisory council meeting

IMF or No IMF: PM Imran Khan chairs first economic advisory council meeting

*ISLAMABAD - Prime Minister Imran Khan has summoned the first Economic Advisory Council meeting.*

*He will chair the first meeting of newly-formed Economic Advisory Council (EAC). *

The meeting is expected to deliberate on the key issue, faced by new Pakistani government lately, of whether or not to approach International Monetary Fund (IMF) for a bailout package to cushion the current economic turmoil in the country.

Furthermore, discussion on overall economic situation, collection of taxes, increase in exports, countering the trade and current account deficit are also likely to be the part of meeting’s agenda.

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

He said Pakistan, 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 $9bn. 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 loans 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.