Do We Need a Council for Economic Policy?

By: Jumana Ghunaimat

تم نشره في Mon 27 June / Jun 2016. 09:23 PM
  • Jumana Ghunaimat

His Majesty decreed the formation of a Council for Economic Policy, under His supervision, to discuss economic and developmental programmes and plans in various sectors. His Majesty confirms in His letter to Premier Dr Hani Mulqi, Sunday, that the new Council will support the government’s work to overcome economic difficulties hindering growth and development.

The purpose is crucially indicative of a Royal awareness of the economic challenges endured by Jordan, as well as the scale of disparity between institutions running the economic file, and the hindrances that harm progress, exhaust and frustrate people, prime of which are unemployment and poverty.

The King’s interest in the economic situation and people’s living status reaffirms His Majesty’s priorities. With every government reshuffle, He would underline the importance of addressing the economic issue, which did not happen, for reasons that have to do in part with the conflicted performance of successive governments, due to a lack of common vision and plans.

The idea infers several key points. One; there is a pressing need for an official umbrella that brings all parts of the governmental dynamic to a single table, openly, to overcome disparities, contradictions, and differences between parties, in order to subsequently put an end to shortcomings in the implementation of plans and programmes, caused particularly by bureaucracy.

Second; the Council may be a gateway for the revival and execution of dismissed and neglected plans; we have a multitude of discontinued programmes and strategies that have yet to be realised.

More so, the Council is capacitated to facilitate the realisation of the economic team; to outlining a comprehensive and complete vision for the economy. Consecutive governments, in general, lacked this edge; the team itself, which caused the falling short on scheduled achievements. Vigorously, the role of the new Council and its mechanisms, will complement the formation of a well-rounded team, aided by the instatement of the prominent and proficient Governor of the Central Bank of Jordan, Dr Zyad Freiz.

Additionally, the Council includes youths who were successful in vitalising their sectors; entrepreneurship, tourism, and promising SMEs and investment companies. This allows for some positivism, in terms of enhanced investment regulations and policies, the betterment of returns on investment and the Kingdom’s investment environment, in a way that would attract investment to alleviate the economic predicament; something governments —unfortunately— could not do.

Fifth, the establishment of the Council rules out the blame game on shortcoming performance.

Another benefit of the Council, is that it would help amplify the private sector’s part and emboss its real role in economy, based on past expertise that confirm supporting innovation and initiative is instrumental to the development of economy and the provision of jobs, all the way to achieving sought development.

Evidently, it seems the need for this Council is pressing, and His Majesty has taken initiative to forming it, so that the burden will now be on the shoulders of the new team, to show their realisation of the scale of Jordan’s economic predicament, given domestic and regional factors; and subsequently their adequacy in addressing it. The most important thing for now, is convincing the people, individuals, institutions, establishments, and investors, that there is undergoing change in the economic mentality running the Country.