Laudable work by Economic Policy Council

The Council of Ministers last week adopted 38 recommendations introduced by the Economic Policy Council, which was formed by His Majesty King Abdullah in June to review economic policies, programmes and development plans.

Ever since its formation, the 15-member body started to look into main constraints to economic growth and means to stimulate the economy, coming up with the recommendations that were presented during a meeting chaired by His Majesty.

This first set of recommendations aimed at offering the government practical steps and solutions to facilitate its job in tackling economic challenges.

The council, according to officials, will continue its work in a sustainable manner in order to aid the executive authority, counter challenges and come up with solutions to various economic problems on the medium and long terms.

The officials explained that the council, which comprises representatives of the public and private sectors, focused on coming up with implementable policies and solutions to economic challenges, in a manner that would boost the public-private sector partnership.

Counting on team spirit between the two sectors, the government, which involved its concerned ministers to take part in the works of the council and its committees, announced that it adopted the first set of recommendations made by the council, and that the suggested plans would go into effect immediately.

A look at the 38 recommendations demonstrates the keenness of the committee members to support the role of the private sector and remove obstacles facing it, as well as to work on amending measures and legislation viewed as restricting entrepreneurship and enterprises.

Among the recommendations, the council advised the government to continue work to establish a JD100 million entrepreneurship fund, and having the Central Bank of Jordan raise the upper limit of loan guarantees for start-ups from JD50 million to JD100 million.

Also included is amendment to the law governing the Jordan Securities Commission and the Companies Law, to give more power to the commission and thus enable it to issue the necessary regulations to introduce new investment tools and encourage further investments.

Furthermore, the council recommended establishing a private equity fund to be owned by Islamic and commercial banks and to transform the Amman Stock Exchange into a public shareholding company.

The council, which includes highly qualified experts with vast experience in various economic fields, clearly has a lot in store to help the executive authority and to come up with sustainable plans and programmes that do not get affected by changes in government.

Just as it should be.