May 04, 2020: A third meeting of the think tank formed by Prime Minister to assess the emerging economic situation arising out of COVID-19 was held in Islamabad yesterday with the adviser on Finance Dr. Abdul Hafeez Shaikh in the chair.
The forum held extensive deliberations on the short term urgently needed measures to give a boost to the economy, which is under acute stress due to both demand and supply compression.
The participants discussed the evolving economic scenario and identified priority areas, which carry the potential of giving a maximum boost to the economy through accelerating aggregate demand and easing out supply concerns.
The forum selected six broad priority domains, including boosting social safety nets, food security and safety of supply chains, and boosting the role of banks and financial institutions in appropriately designing incentives for market stakeholders.
The meeting decided that implementation review of Prime Minister's Economic Stimulus Package worth 1240 billion rupees would be a regular feature in next think tank meetings to ensure value for money apart from smooth service delivery to deserving segments of society.
Speaking on the occasion, the Finance Advisor underlined the need to learn from international experiences in designing fiscal, monetary, and other policy responses to assess impacts of COVID-19 on economy and business. He also called for evolving a roadmap for chosen domains, thereby bringing clarity about what needs to be done and who will do it.