ISLAMABAD: The Economic Advisory Council at its meeting held here on Saturday expressed concern over rising inflation, high fiscal deficit and pressure on money supply due to government borrowing and delays in external flows.
Finance Adviser Dr Hafeez Sheikh chaired the meeting of EAC, which was constituted in May 2008 by the Prime Minister to provide independent advice to the government on the formulation of economic policies and reforms agenda.Speaking on the occasion, Dr Hafeez Sheikh said that the recommendations of the EAC would be given due significance in the formulation of economic policies.
It was also decided that EAC would meet on a monthly basis and thematic sub-committees of EAC would be formed. Members of EAC stressed the need for monitoring implementation of reform and initiatives on a regular basis.
Appreciating the role of EAC in providing valuable advice to the government, Dr Hafeez said that the council would continue playing a vital role in designing and implementing economic policies.
The meeting deliberated on the economy, fiscal operations and challenges to the economy. The members of EAC extended their full support to the finance adviser for managing the economic challenges currently faced by the country.
The EAC members provided a deep insight on economic issues and suggested policy options to improve the economic scenario. They highlighted the need for prioritising the development goals, strengthening the social safety nets and improving governance framework. They stressed the need to improve the resource envelop to ensure fiscal sustainability.
EAC Convener Dr Hafiz A. Pasha provided an overview of the functioning of the council.
The EAC comprises the economic management team of the government, technocrats, economists and leading businessmen.
The finance adviser and the EAC acknowledged the valuable contribution made by former finance minister Shaukat Tarin in managing the economy in difficult times.
Source Dawn News
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