Khan lays high hopes on EAC

By Staff Reporter
Sunday – September 2, 2018
ISLAMABAD: To ensure that the best advice is available to the incumbent to inform, optimise and synergise the formulation and implementation of its economic and financial policies, prime minister (PM) Imran Khan constituted on Friday a high-level economic advisory council (EAC) comprising some of the most erudite 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.

According to an official statement, the EAC shall be chaired by the PM himself.

The EAC shall 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 EAC 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 EAC 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.

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.

The ultimate goal of the EAC is to promote analytically sound and evidence-based reforms and initiatives for the progress and development of Pakistan.

On the recommendations of finance ministry, Khan approved for the EAC private sector members including national university of sciences and technology (NUST) school of social sciences and humanities principal and dean Ashfaque Hassan Khan, institute of business administration (IBA) dean and director Farrukh Iqbal, consortium for development policy research chairman Ijaz Nabi, sustainable development policy institute (SDPI) executive director Abid Qaiyum Suleri, Pakistan institute of development economics (PIDE) vice chancellor Asad Zaman, Lahore school of economics (LSE) economics professor Naved Hamid, state bank of Pakistan (SBP) former governor Syed Salim Raza, economist Sakib Sherani, Princeton university economics/public affairs professor Atif Mian, international finance professor Asim Ijaz Khawaja Sumitomo and university college London (UCL) economics professor Imran Rasul.

In addition to private sector members, the EAC will also include finance minister, planning minister, planning commission deputy chairman, SBP governor, adviser on institutional reforms, adviser on commerce and the finance secretary.