The National Economic Council (NEC) was initially established by the Federal Republic of Somalia in 2018, and was restructured in November, 2022 through a presidential decree. The NEC advisory is a key component of the Office of the President responsible for providing advisory services on economic matters.
The NEC is chaired by the President of the Federal Government of Somalia (FGS), with the Prime Minister serving as deputy. Membership of the Council is composed of the economic sub-committee of the Cabinet of the FGS, the Governor of the Central Bank of Somalia, Federal Member States and nine (9) national economic experts. The National Economic Advisers (NEA) support the national leadership in conducting evidence-based research and providing advisory services on economic and social issues affecting the nation. The NEA and a Secretariat Unit form form the technical arm of the NEC.
The Work of NEC:
The NEC and its components are tasked with considering and deliberating on national and international economic matters of significant importance, managing national economic reform for recovery, sustainable high economic growth, and poverty reduction, through achievable strategies and sound policies. The NEC serves as the platform where economic policies and plans are formulated, and regional and international economic cooperation are addressed.
Objectives of NEC:
The objectives of the NEC include setting domestic and international economic policies, ensuring that policy decisions and programs align with the national economic agenda, and monitoring the implementation of sound policies and plans to promote inclusive and sustainable economic growth.