Prime Minister Imran Khan has summoned the first meeting of the Economic Advisory Council (EAC) today.

According to sources, the 18-member council is expected to discuss whether or not to approach the International Monetary Fund (IMF) for a bailout package along with the economic situation of the country. 

The sources further added, discussion over the collection of taxes, increase in exports, countering the trade and current account deficit are also expected to be discussed in the meeting. 

Prime minister has summoned the meeting at 4 pm.

Prior to this, in August, Finance Minister Asad Umar had said, consultations on the current economic situation were under way and a final decision will be taken after taking the Parliament on board.

A week earlier, the prime minister had reconstituted the EAC, with seven members of the council belonging to the government sector while the remaining 11 belong to the private sector.