Written by: Ali Al-Sharif, Professor of Economics at the University of Benghazi.
In light of the absence of a clear economic vision and the increasing number of arbitrary and improvised decisions made without adequate studies or a genuine assessment of their economic and social impacts, serious consideration must now be given to establishing a Supreme Council for Economic Policies.
The proposed council would be responsible for setting the general direction of the national economy and developing policies and plans that serve the public interest, safeguard state resources, and protect citizens’ rights.
The continued adoption of economic decisions without scientific planning or specialized studies creates room for decisions that may serve narrow interests and private agendas at the expense of the public good. Such decisions can harm individuals and institutions alike while further aggravating existing economic imbalances.
Accordingly, we propose that the council report directly to the House of Representatives or the National Planning Council, with this affiliation limited to administrative and organizational matters, while guaranteeing its full technical independence and protecting it from any political or administrative interference or pressure that could compromise the objectivity of its decisions and recommendations.
The council should also be granted clear and effective powers, including:
- Setting the state’s general economic policies and strategic directions.
- Examining major economic decisions before their approval and assessing their potential impacts and expected outcomes.
- Reviewing proposed economic decisions and providing technical opinions on their compatibility with the public interest.
- Proposing the necessary amendments to decisions that conflict with approved economic policies.
- Ensuring coordination and integration among the country’s economic institutions and authorities.
- Monitoring the implementation of economic policies and periodically evaluating their outcomes.
Most importantly, the council should have the authority to require all relevant economic entities and institutions to submit decisions with significant economic implications for its review before they are issued or implemented.
No decision of this nature should be allowed to proceed without the council first reviewing it and providing its technical assessment. A legal framework should also be established to define which decisions are subject to this review and specify the consequences of non-compliance.
The purpose of establishing this council is not to add another administrative institution to the state’s existing structures. Rather, it is to create a specialized national authority that ensures economic decisions are grounded in knowledge, research, and planning, rather than individual discretion or narrow interests.
The national economy cannot be managed through arbitrary decisions. It requires a clear vision, well-considered policies, and independent institutions that assume responsibility for protecting the public interest.
