Economy inter ministerial committee submits interim report
The Economy Inter-Ministerial Committee (EIMC) has submitted its interim report to the government, outlining key recommendations to address the current economic challenges facing the country.
The EIMC, which was established by the government to provide a comprehensive review of the economy, has been working tirelessly to identify the root causes of the economic downturn and propose solutions to stimulate growth and development.
According to sources, the interim report highlights several key areas that require urgent attention, including:
- Fiscal discipline: The report emphasizes the need for the government to adopt a more disciplined approach to fiscal management, including reducing unnecessary expenditure and increasing revenue collection.
- Monetary policy: The committee recommends that the central bank adopt a more accommodative monetary policy stance to stimulate economic growth, including reducing interest rates and increasing liquidity in the financial system.
- Structural reforms: The report calls for structural reforms to improve the business environment, increase competitiveness, and promote investment in key sectors such as manufacturing, agriculture, and infrastructure.
- Public-private partnerships: The committee recommends that the government explore public-private partnerships to attract foreign investment and stimulate economic growth.
- Human capital development: The report emphasizes the need for the government to invest in human capital development, including education and training, to improve the skills and competitiveness of the workforce.
The interim report also highlights several key challenges facing the economy, including:
- High levels of unemployment: The report notes that unemployment remains a major challenge, particularly among young people and in certain regions.
- Inflation: The committee notes that inflation remains a concern, driven by factors such as food price increases and exchange rate fluctuations.
- Debt sustainability: The report highlights the need for the government to ensure debt sustainability, including reducing the debt-to-GDP ratio and improving the country's creditworthiness.
- Infrastructure development: The committee notes that infrastructure development is critical to stimulating economic growth, including investments in transportation, energy, and telecommunications.
The EIMC's interim report is expected to inform the government's policy decisions and provide a roadmap for addressing the country's economic challenges. The full report is expected to be released in the coming weeks.