Think Tank is Formed by PM to Identify Factors to Boost Economy Amid COVID19 Downturn!

On the directions of Prime Minister Imran Khan, a forum is constituted consisting of professionals and economists. However, the purpose is to provide platform for collective thinking on the emerging situation resulting from the Covid-19 related medical crisis and its spillover to economy.

Noticeably, the body proposed on Saturday downward revision in the policy rate, passing on the benefit of reduced oil prices in the global market to the public, and provision of further liquidity for banks to boost the economy under strong recessionary headwinds.

The body consists of well-known experts and economists from all across the country. The members include Shaukat Tareen, Dr. Ishrat Husain, Dr. Ijaz Nabi, Sultan Ali Allana, Arif Habib, and Dr. Waqar Masood. Reportedly, the finance secretary and Adviser to the PM on Commerce Razzak Dawood are also part of it.

Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Sheikh chaired the 2nd meeting of the thinktank, according to press statement issued by the Finance Ministry.

Also Read: IMF approves $1.386 bn in Emergency Financing to Pakistan to Combat COVID 19.

Key Areas for Policy Interventions

More so, after extensive deliberations on emerging themes, the forum identified following key areas for policy interventions:

• Monetary affairs and banking sector,
• Fiscal matters and public finances,
• Social safety nets,
• SMEs and large businesses,
• Commodity prices,
• Public health challenges and
• Role of the private sector and NGOs.

However, the professionals in the group suggest the rescheduling of foreign and domestic debts. The rescheduling will help in oil price hedging, scrutiny of power sector debt, and creation of fiscal space.

Moreover, the need for designing lending programs for housing sector participants came under consideration including the facilitation of end-users. Also, the massive scope for mortgage financing in the country was also highlighted.

Dr Shaikh took a lead in picking the most urgent themes for proper policy deliberations and decisions. More so, he said that PM Khan might attend the next session of the group to give a boost to the forum which has been constituted to provide intellectual and professional insights to the ministry.

Furthermore, the members of the body decide to engage international think tanks in processes so that to design robust interventions to bring relief to the economy and most deserving segments of public.

Read: COVID19: The US to Provide $8 Million to Support Pakistan in Fight Against Coronavirus.

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