The Economic Advisory Council (EAC) held its first session last week, chaired by Finance Minister Asad Umar, who took office last month. A lull in Pakistani exports and a relative spike in imports has led to a shortage of dollars in the economy, putting pressure on the local currency and dwindling foreign currency reserves. That has prompted most financial analysts to predict Pakistan will turn to the IMF for its 15th bailout since the early 1980s.
Ashfaque Hasan Khan, a university professor who is one of more than a dozen EAC members, told Reuters that during Thursday's meeting, the focus was on outside-the-box ideas that would help curb imports. He recently told the Senate that while Pakistan needs to meet a $9 billion financing requirement, the IMF should only be a fall-back option.
According to thenews.com.pk, Ashfaque said the more radical steps discussed were a year-long ban on imports for cheese, cars, cell phones and fruit that could "save some $4-5 billion".
