Pakistan Prime Minister Imran Khan has roped in some renowned foreign economists in the newly-constituted economic advisory panel to provide the best possible professional advice to his cash-strapped Government on prudent economic policies, media reported on Sunday.
The immediate challenge for the Khan-led government is to arrange finances to fill about a US $ 10 billion gap that is arising due to higher outflows than estimated inflows.
Pakistan’s current account deficit stands at US $ 18 billion, while its foreign currency reserves are just over US $ 10 billion, enough to cover two months of imports, according to figures released before the cricketer-turned-politician was sworn-in as prime minister.
One of the first tests facing Khan’s government is whether to seek a bailout from the International Monetary Fund or to turn to China with a plea for more economic aid.
Unlike past practices, the new 18-member Economic Advisory Council (EAC) will be headed by the prime minister himself to ensure that the best possible professional advice is available to the Pakistan Tehreek-e-Insaf-led government to inform, optimise and synergise the formulation and implementation of its economic and financial policies.
The first meeting of the council will be convened soon, Dawn newspaper reported.
In the past, EACs were headed by finance ministers with no definite agenda for regular meetings. It was observed that EAC met even once in four months and its advice was not considered seriously.