Imran Khan ropes in foreign experts to rebuild economy
Islamabad, Sept. 2: Pakistan Prime Minister Imran Khan has roped in some renowned foreign economists in the newlyconstituted economic advisory panel to provide the best possible professional advice to his cashstrapped 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 $ 10 billion gap that is arising due to higher outflows than estimated inflows.
Pakistan’s current account deficit stands at $ 18 billion, while its foreign currency reserves are just over $ 10 billion, enough to cover two months of imports, according to figures released before the cricketerturned- politician was sworn- in as Prime Minister.
One of the first tests facing Mr Khan’s government is whether to seek a bailout from the International Monetary Fund or to turn to China for more economic aid.
Unlike past practices, the new 18- member Economic Advisory Council ( EAC) will be headed by Mr Khan himself to ensure that the best possible professional advice is available to the 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, the Dawn newspaper reported.
In the past, EACs were headed by finance ministers with no definite agenda for regular meetings. Its advice was not considered seriously on occasions. Consequently, EACs have become mere debating forums, the report said.
According to the terms of reference, the ministry of finance 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.