ISLAMABAD, Sept. 7 -- Pakistan's Ministry of Planning, Development and Special Initiatives on Saturday announced the formation of a high-level policy board to give new impetus to the South Asian country's economic development.

Comprising a group of members from various sectors, including former ministers, industry leaders, academics and international professionals, the policy board aimed to enhance transparency and improve the economic planning process of the country with the active participation of government and private sectors, fostering a prosperous future for the nation, according to the ministry.

The ministry said that the initiative will provide advisory on policy formulation and strategy development, offering guidance on policies and strategies aimed at promoting mid- and long-term economic growth, adding that the board will offer insights on national and international economic issues, reviewing macroeconomic trends and providing economic outlooks.

The board will also evaluate national plans and economic reports to offer recommendations, assess socio-economic trends to support evidence-based policy advice, and advise on policies to enhance national innovation and competitiveness.

Emphasizing the importance of the initiative in stabilizing Pakistan's economy, Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that the establishment of a policy board marked a major milestone in Pakistan's economic planning process.

The board members will play a crucial role in developing strategic frameworks and preparing short-, medium-, and long-term economic plans, he said, adding that private organizations, civil society and experts needed to collaborate in driving the nation toward economic stability and growth.

  - Xinhua