What advice EAC has given to government over IMF and economic crisis?

What advice EAC has given to government over IMF and economic crisis?

ISLAMABAD: The Economic Advisory Council (EAC) has advised the PTI government to apprise the nation over the economic conditions of the country 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 the economic crisis engulfing the country.

However, the government remains unsure about availing another IMF bailout and a technical assistance team from the Washington-based lender is expected to visit Pakistan next month to guide Islamabad on improving data standards, reports *Express Tribune.*

Also, three overseas Pakistani economist’s Dr Asim Khawaja, Dr Atif Mian based in the US and Dr Imran Rasul in the UK skipped the maiden EAC meeting and were supposed to join via video-link.

The maiden meeting of the newly reconstituted EAC was presided over by the Prime Minister Imran Khan.

The EAC was apprised by the Finance Minister Asad Umar, that the government hadn’t taken any concrete decision regarding Pakistan seeking an IMF bailout or not, since internal discussions were still happening.

Furthermore, the EAC was told the government would devise its policy options to manage the fiscal and external sector challenges by the start of October, officials said.

Previously, Mr Umar said the government would formulate its policy by end-September.

The finance minister apprised the EAC about a visit of an IMF technical team in October to guide the government on data standards and will be its second visit in a space of three months.

During the meeting, PM Imran Khan said due to wrong economic policies of the previous PML-N government, poverty and inequality in the country had risen.

He added, the previous government snubbed the low-income groups.

According to sources, none of the private sector members of the EAC advised the government to seek an IMF bailout.

However, they did ask the government to take tough economic decisions to rectify the macroeconomic imbalances plaguing the country’s economy.

The private sector EAC members told the government to apprise the public about the actual position and the need for raising utility tariffs, sources revealed.

Mr Umar told the EAC the government would take tough decision whenever required and would take the public into confidence.