ISLAMABAD - The independent panel of economists will submit its interim home grown economic stabilisation package to Prime Minister Syed Yousuf Raza Gilani on October 25, which has forecast less than 5 per cent annual economic growth and about 20 per cent inflation. The Panel of Economists, backed by the government, has already presented the interim report, "Economic Stabilization with a Human Face" to Deputy Chairman Planning Commission, Salman Faruqui. Chief Economist Planning Commission, Dr Rashid Amjad, who is also Convener of the Panel, confirmed the submission of the report to the Deputy Chairman but did not spell it out. Another economist on condition of anonymity told TheNation that the top brains have proposed the government to slash Gross Domestic Product growth target to less than 5 per cent from 5.5 per cent. They also estimated about 20 per cent inflation by June 2009 against the government projection of 12 per cent. He said the economists also recommended to the government to reconsider all other economic indicators keeping in view the present economic and security challenges. "It's a package of reforms, which needs to be introduced in a short space of time to close gaps of fiscal and trade deficits", he added. The interim report was formed on the basis of recommendations given by four sub-committees, which were tasked to come up with innovative proposals to bring economy on the road of prosperity. The basic objective of the interim report is to have a fast track solution to come out of grave economic crisis. A task force, "Short-term Macroeconomic Framework", headed by Dr Hafeez Pasha, who also leads the panel of economists, proposed ways to rectify the problems immediately. The second task force worked on "Growth Strategy and Development Priorities". Dr Naved Hamid of Lahore School of Economics led this important body. The third committee was entitled to work on Institution Framework for Development and Dr Akmal Hussain chaired it. The fourth task force, "Social Protection Strategy for Poor", was assigned to recommend measures to control inflation and protect the poor. Asad Syeed, a renowned researcher from Karachi, headed it. The whole idea behind formation of independent panel of economists is to have macroeconomic framework, which purely presents the domestic needs and is consistent with ground realities. The government also unveiled its own Economic Stabilization Package, prepared by the Finance Ministry and the State Bank of Pakistan but the independent economists termed it "sketchy". Pakistan is facing major challenges of widening budget deficit, current account deficit, inflation, erosion of foreign currency reserves, declining investment, higher inflation, devaluing rupee and above all a hostile security situation. The trade deficit during first quarter of the fiscal year widened to more than US $ 5 billion. Foreign investment and privatization proceeds, which historically remained major source of financing the current account deficit, are on decline due to political and security uncertainties. 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.