Mogadishu, August 11, 2018 – The Government has officially launched the National Economic Council, which was established by a presidential decree on July 12, 2018.
The Council was set up as an advisory council that supports the President and the government on management of pertinent economic policy matters, as well as provides economic analysis and policy advice on the development and implementation of domestic and international economic policy issues.
Chaired by the President, the Council will comprise the Economic Subcommittee of the Cabinet, Central Bank, leaders of the federal member states, and five other independent members of proven professional expertise in economics, public finance management, and transparency and integrity issues. The council will provide quarterly reports on its progress.
Speaking at the launch 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 mission of this Council is to build local and international support for the country’s economic agenda. “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 income, streamline and sustain civil servants and armed forces salaries payment, among other achievements in the financial sector.