Prime Minister Shehbaz Sharif issued on Tuesday instructions for formulating financial proposals on an emergency basis to address the current economic situation. A summit will be held in a few days to discuss the proposals.

The new PM presided over a meeting today, attended by prominent economists, where he was given a briefing on the national balance sheet and fiscal deficits.

PM raises minimum wage to Rs25,000; pensions hiked by 10pc

During the meeting, the PM stressed the importance of reducing prices of daily-use commodities and essential items, particularly during Ramazan.

He also said he wants to set medium- and long-term fiscal policies in line with consultation with stakeholders and experts in areas including agriculture, trade, investment, and banking. A meeting will be held in coming days to discuss their proposals.

Separately, in a press conference on Tuesday, Pakistan Muslim League-Nawaz's Miftah Ismail said that tackling economic issues is the primary responsibility of the incoming government, adding that the South Asian country’s economy faces a number of issues on multiple fronts including rising inflation rate, which runs in double-digits, and depleting foreign exchange reserves.

Holds consultations over formation of cabinet

Meanwhile, the PM met the leadership of allied parties to hold consultations over the formation of a cabinet.

Shehbaz met Pakistan Peoples Party Chairman Bilawal Bhutto Zardari, Muttahida Qaumi Movement-Pakistan's Dr Khalid Maqbool Siddiqui, Jamiat Ulema-e-Islam's Maulana Fazlur Rehman, Balochistan National Party's Sardar Akhtar Mengal, Dr Khalid Magsi, Shah Zain Bugti and Aslam Bhotani at their residences respectively.

PM to visit Karachi on Wednesday

Shehbaz is also set to take a day's trip to Karachi on Wednesday, and will chair a consultative meeting on development projects.