His Majesty King Abdullah on Wednesday headed the Economic Policies Council (EPC) meeting, during which the first set of recommendations by the council to aid the government in surpassing economic obstacles and boost the national economy were discussed.

Meanwhile, the Cabinet adopted the 38 recommendations made by the panel in its session on Wednesday, announcing that the suggested plans would go into effect immediately after making the necessary arrangements and prerequisites.

The recommendations were made in cooperation and coordination among the sub-committees of the council and the concerned government parties, which were approved according to an executable and practical programme.

During the meeting, King Abdullah expressed his satisfaction with the level of public-private cooperation during the discussions held by the EPC, aimed to salvage the national economy and work out and stimulate growth.

For his part, Prime Minister Hani Mulki, who chairs the council, stressed continued cooperation between the government and the different concerned authorities from the public and private sectors.

The meeting covered the EPC committees’ recommendations and their potential impact on the targeted sectors that contribute to the investment and business environments.

The first set amounted to 38 recommendations by the EPC, most significant of which include continuing work to establish a Jordanian fund for entrepreneurship at a cost of $100 million and having the Central Bank of Jordan (CBJ) increase the upper limit of loan guarantees for start-ups from JD50 million to JD100 million.

They also include establishing a private equity fund to be owned by Islamic and commercial banks.

A major plan is to transform the Amman Stock Exchange into a public shareholding company.

They also included amending the law governing the Jordan Securities Commission and the Companies Law to delegate more authorities to the commission and enable it to issue the necessary regulations to introduce new investment tools and encourage further investments.

The EPC already decided to form several sub-committees specialised in the field of economic legislation, taxes, customs, refunding and entrepreneurship, transpiration trade and business environments, adding that the sub-committees include members of the EPC as well as the concerned ministers.

His Majesty ordered in June the formation of the EPC, whose mandate is to discuss economic policies, programmes and development plans.

Functioning under the direct supervision of the King, the 15-member body is also tasked with identifying the main constraints holding back economic growth and propose solutions to overcome them, according to a letter His Majesty sent to Mulki.

The premier is the only representative of his government on board. Other members include the governor of the Central Bank of Jordan and the director of the Department of Economic and Social Development at the Royal Hashemite Court as a rapporteur, along with private sector representatives and economic experts.