ISLAMABAD:- Prime Minister Shehbaz Sharif on Thursday constituted the Economic Advisory Council (EAC) to review and formulate economic policies in a more holistic manner.

The EAC will be headed by Prime Minister Shehbaz Sharif and 21 others dignities will be its members including from treasury benches and private sector.

Former prime minister and senior leader of Pakistan Muslim League-N Shahid Khaqan Abbasi, Fedeal Minister for Finance Miftah Ismail, Federal Minister for Planning and Development Ahsan Iqbal, Federal Minister for Information Maryam Aurongzeb, State Minister for Finance AYsha Ghous Pasham Senator Musadaq Malik, Senator Saleem Mandivawala will be from government side. Former Chairmand FBR Tariq Pasha, Seasoned businessman Mian Muhammad Mansha, Mohammad Ali Tabba, Arif Habib, Dr. Asim Hussain, Atif Bajwa, Faisal Farid, Aurangzeb, HBL, Waqar Ahmaf Malik, MD/CEO Fauji Foundation, Salman Ahmed Contd, Shahzad Salim, Rahman Naseem, Musadaq Zulqarnain, Dr.ljaz Nabi will be member from private sector.

The Terms of Reference for the EAC has been also set. The EAC will review and formulate economic policies in a more holistic manner and also to advise on short term macro-economic stabilization as well as structural reforms for stable and sustained economic progress. The EAC will be convened on weekly basis on the issues of national economic importance, under the TORs.

The EAC will review the overall economic condition of the country and propose possible corrective measures considering available resources of the country. Analyze the effectiveness of subsidies, protection and other financial support by the Government to the State Owned Enterprises (SoEs) and other vital sectors of the economy in context of overall cost and benefit analysis of such subsidies/protection.
The EAC will review the existing market imperfections in the various important sectors of the economy in order to promote competition by correcting the market distortions. It will also advise the Government Ministries, organizations, bodies and various project implementing agencies in formulating evidence-based policies. The council will also help in finding the technical expertise and human resource that may be required to carry out the requisite financial and economic analysis/studies.

The Council will initially meet once a week (virtually/ in-person). And specific sub-committees will be formed for focused work with the timelines and defined scope. The EAC may co-opt any other member as per requirement.

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