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

“Prime Minister has been pleased to constitute the Economic Advisory Council (EAC). The EAC shall be chaired by the Prime Minister,” said a notification issued by the Finance Division. The other members of the Council are federal ministers and financial experts of the country. The Economic Advisory Council (EAC) is being established to review and formulate economic policies in a more holistic manner. The EAC will advise on short term macro-economic stabilization as well as structure reforms for stable and sustained economic progress. The EAC will be convened on weekly basis on the issues of national economic importance.

The government has set the scope of the EAC. Economic Advisory Council would review the overall economic condition of the country and propose possible corrective measures considering available resources of the country. The EAC would 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 Council would review the existing market imperfections in the various important sectors of the economy in order to promote competition by correcting the market distortions. The Economic Advisory Council would advise the government ministries, organizations, bodies and various project implementing agencies in formulating evidence-based policies. It would help in finding the technical expertise and human resource that may be required to carry out the requisite financial and economic analysis/studies.

According to the notification, the Economic Advisory Council will initially meet once a week (virtually/ in-person). Meanwhile, specific sub-committees will be formed for focused work with the timelines and defined scope. Furthermore, the EAC may co-opt any other member as per requirement.

The composition of the Economic Advisory Council shall be as under: l. Shahid Khaqan Abbasi 2. Ahsan Iqbal Chaudhary 3. Miftah Ismail 4. Saleem Mandviwalla 5. Ms Marriyum Aurangzeb 6. Dr Ayesha Ghous Pasha 7. Mussadiq Malik 8. Tariq Pasha 9. Mian Muhammad Mansha 10. Mohammad Ali Tabba 11. Arif Habib 12. Dr. Asim Hussain 13. Atif Bajwa 14. Faisal Farid 15. Aurangzeb, HBL 16. Waqar Ahmaf Malik, MD/CEO Fauji Foundation 17. Salman Ahmed 18. Shahzad Salim 19. Rahman Naseem 20. Musadaq Zulqarnain 2I. Dr. Ijaz Nabi.