ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday constituted a 21-member Economic Advisory Council (EAC) amid rising current account deficit, dwindling foreign exchange reserves and surging inflation.

According to a notification issued by the country’s finance division, the council has been formed to review and formulate economic policies “in a more holistic manner.”

The EAC will advise the government on short term macroeconomic stabilization as well as structural reforms for more stable and enduring economic progress.

Earlier this month, Pakistan’s former prime minister Imran Khan announced a 25-member council to deal with the country’s financial challenges before being ousted from power in a no-confidence vote.

Khan wanted to head the advisory body himself which had previously been supervised by the finance minister.

“The EAC [meetings] will be convened on a weekly basis on the issues of national economic importance,” read the finance division’s notification.

Sharif’s council consists of cabinet members and prominent businesspersons. Former prime minister Shahid Khaqan Abbasi, information minister Marriyum Aurangzeb, planning minister Ahsan Iqbal, finance minister Miftah Ismail and state minister for finance Ayesha Ghous Pasha are some of the notable politicians who are part of the council.

The advisory body can hold virtual or in-person meetings. It will also be empowered to form sub-committees to perform specific tasks with clear deadlines.