ISLAMABAD: The Economic Advisory Council (EAC) has advised the PTIgovernment to apprise the nation over the economic conditions of thecountry and further take tough decisions to revive the economy.
The first meeting of the EAC was held on Thursday.
The EAC has asked the government to take tough decisions to overcome theeconomic crisis engulfing the country.
However, the government remains unsure about availing another IMF bailoutand a technical assistance team from the Washington-based lender isexpected to visit Pakistan next month to guide Islamabad on improving datastandards, reports *Express Tribune.*
Also, three overseas Pakistani economist’s Dr Asim Khawaja, Dr Atif Mianbased in the US and Dr Imran Rasul in the UK skipped the maiden EAC meetingand were supposed to join via video-link.
The maiden meeting of the newly reconstituted EAC was presided over by thePrime Minister Imran Khan.
The EAC was apprised by the Finance Minister Asad Umar, that the governmenthadn’t taken any concrete decision regarding Pakistan seeking an IMFbailout or not, since internal discussions were still happening.
Furthermore, the EAC was told the government would devise its policyoptions to manage the fiscal and external sector challenges by the start ofOctober, officials said.
Previously, Mr Umar said the government would formulate its policy byend-September.
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The finance minister apprised the EAC about a visit of an IMF technicalteam in October to guide the government on data standards and will be itssecond visit in a space of three months.
During the meeting, PM Imran Khan said due to wrong economic policies ofthe previous PML-N government, poverty and inequality in the country hadrisen.
He added, the previous government snubbed the low-income groups.
According to sources, none of the private sector members of the EAC advisedthe government to seek an IMF bailout.
However, they did ask the government to take tough economic decisions torectify the macroeconomic imbalances plaguing the country’s economy.
The private sector EAC members told the government to apprise the publicabout the actual position and the need for raising utility tariffs, sourcesrevealed.
Mr Umar told the EAC the government would take tough decision wheneverrequired and would take the public into confidence.
