The formation of the new Economic Action Council (EAC) has been announced by The Prime Minister on 11 March 2020. The EAC will be chaired by the Prime Minister himself. The core function of the council is as follows:
1. To identify current economic issues and recommend actions to ensure the economy remains sustainable as well as reducing the impact of global economic uncertainty;
2. To identify issues and problems that constrain economic growth as well as remedial measures to stimulate economic growth;
3. To develop short and medium-term action plans to stimulate economic growth, increase foreign and local investment and ensure socio-economic development for the well-being of the people; and
4. To ensure EAC decisions are implemented promptly.
Ministry of Finance (MOF) and the Economy Planning Unit, Prime Minister’s Department (EPU) are the Joint Secretariat of the EAC.