Prime Minister Kheire inaugurates National Economic Council

Prime Minister Kheire inaugurates National Economic Council

Mogadishu, 11 August, 2018: The Federal Ministry of Planning, Investment and Economic Development (MoPIED) organized the inaugural ceremony of establishing the National Economic Council (NEC).

Minister Gamal of the Ministry of Planning, Investment and Economic Development (MoPIED) opened the event and said “Since the economic policy analysis is the mandate of the ministry, ministry of planning discussed with the cabinet economic sub-committee and noticed that there is a need to establish a National Economic Council and praised the tremendous work that the ministry of planning has done since he became minister”.

12 July 2018, the president of the Federal Republic of Somalia established the National Economic Council by presidential decree.  The president will be chairing the council and the prime minister will be the alternate. Ministry of Finance, Planning, the Central Bank Governor, Federal Member states will be the members of this Council. There will be five Somali and international economists who will advise the government in the council.

Speaking at the inaugural ceremony  today, Prime Minister Hassan Ali Khaire, said the Council is not “another layer of bureaucracy,” adding that it is meant to signal that the Government is committed to the principles of sound economic and financial management, undertake effective reforms, and strengthen the government’s capacity to formulate and execute its economic programs and plans with the highest commitment and seriousness to improve the welfare of the general public and the most vulnerable people in particular.

Mr. Khaire explained that the establishment of the Council forms part of the Government’s drive of bolstering economic growth and transparency and creating jobs for Somalis. He further noted that the purpose of this Council is to build Somalia’s economy with the support of Somali economists as well as international experts.  “It will develop the initiatives that we will be held accountable for, to raise public awareness and public attention on economic growth and to assist in the process of bringing to the attention of the Government where there are obstacles so that we can help remove,” he added.

The establishment of this Council comes at a time when the government has implemented a number of economic and financial reforms that helped the Government domestically generate record revenue, increase of GDP of 8% 2017-18, streamline and sustain civil servants and armed forces salaries payment, among other achievements in the financial sector.

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