President Arif Alvi on Friday constituted a 13-member National Economic Council (NEC) which will be chaired by Prime Minister Imran Khan. The chief ministers of all four provinces will be members of the NEC, which will also include Finance Minister Asad Umar, Minister of Planning Khusro Bakhtiar, and Prime Minister's Advisor on Commerce, Textiles, Industries and Investment Abdul Razak Dawood.
Furthermore, Punjab Finance Minister Makhdoom Hashim Jawan Bakht will represent his province in the council while from Sindh, Minister for Food and Parliamentary Affairs Nisar Khuhro will be a member of the NEC.
According to the notification, Khyber Pakhtunkhwa Finance Minister Taimur Saleem Jhagra, Balochistan MPA Jan Jamali, and PM's Advisor on Institutional Reforms and Austerity Dr Ishrat Hussain will be members of the NEC.
The NEC reviews the overall economic condition of the country and advises the federal government and the provincial governments to formulate plans in respect of financial, commercial, social and economic policies.
In formulating such plans, it shall, amongst other factors, ensure balanced development and regional equity.
The meetings of the Council are summoned by the chairman or on a requisition made by one-half of the members of the Council. According to the Constitution, the Council meets at least twice a year and the quorum for a meeting of the Council should be one-half of its total membership.
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