ISLAMABAD - A panel of independent economists, backed by the government, has set up four task forces to sail the country out of worsening financial crisis. Planning Commission's Panel of Economists on Sunday formed the committees to come up with innovative proposals within next four to six weeks to put the economy on the road of prosperity. Planning Commission sources told TheNation that these task forces would submit their proposals in the shortest given time for having a fast track solution of grave economic crisis. A task force, "Short-term Macro-economic Framework", headed by Dr Hafeez Pasha, will work on proposals to rectify the problems immediately. The second task force will work on "Growth Strategy and Development Priorities". Dr Naved Hamid of Lahore School of Economics will lead this important body. The third committee is entitled to work on Institution Framework for Development and Dr Akmal Hussain will chair it. The forth task force, "Social Protection Strategy for Poor", is assigned to recommend ways to control inflation and protect the poor. It will be headed by Asad Syeed, a renowned researcher from Karachi. The Panel of Economists is headed by Dr Hafeeez Pasha and Dr Rashid Amjad of Pakistan Institute of Development Economics, is the Convener. The Panel started its work on Saturday when it had presentations from various government departments and ministries. "The whole idea is to have macro-economic framework, which purely presents the domestic needs and is consistent with our own requirements", said the sources and added, "We don't want shoes fit for all". The sources said the government formed the Panel of Economists to have its own macroeconomic framework against the previous practices of international donor agencies assisted models, which did not match with the ground realities. International Monetary Fund advises the countries how to overcome balance of payment problems but reportedly in most of the cases the IMF or World Bank assisted models could not bring required results, as those frameworks were made on political basis while sitting thousands of miles away. The Panel of Economists will also review all macroeconomic indicators, Gross Domestic Product, budget deficit, current account deficit, and inflation target. Pakistan's economy after performing well during past seven years is taking a nosedive. Pakistan is facing a major challenge on external front where imbalance between receipts and expenditure is widening, consequently eating up sacred foreign exchange reserves, which have come down to less than US $ 9 billion from all time high US $ 16.5 billion in October last. Foreign investment and privatization plans are evaporating in the air due to prolong political and security uncertainties. In such a situation the government is finding hard to finance its import bill and protect its sovereign bonds from going default. The International donor agencies are not ready to provide programme loans without "certain conditions". On internal front, the government is relying on State Bank of Pakistan borrowings to meet its financial requirements. The inter-corporate debt is increasing, as the government does not have money to pay back to independent power producers and oil marketing companies. This debt is reportedly touch Rs 400 billion mark, which is quite high and can disturb the government target to keep budget deficit at 4.7 per cent of the total size of economy. In addition, the government has to pay billions of rupees on account of interest rates and subsidies on power and oil, which the government is not withdrawing to meet the World Bank condition.