Plans to consolidate robust financial position highlighted

(Manama) – Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has reiterated the government’s commitment to implementation of plans that will consolidate the financial position, stressing the essentiality of increasing awareness of the importance of gradualness when implementing plans aimed to attain the state of equilibrium and overcome the financial challenge faced not only by the Kingdom of Bahrain but also by all countries whose economies are oil-dependent.

During the regular Council of Representatives discussion of the proposed Law for Amending Some Provisions of the Law on Issuance of Development Bonds, the minister pointed out that endorsing to increase the public debt’s ceiling implicitly comes once structural reforms get approved at the level of income to reach equilibrium and then reduce the public debt so that the economy will be more diversified.

“We have begun implementation of plans and projects aimed to develop the country’s economic position and we achieved success in terms of diversification of resources. He pointed that the addressing of financial and economic challenges needs coordination between the various relevant bodies, adding that addressing the situations sometimes makes it imperative upon us to carry out measures for a certain period after which we shall reap fruits that will move us on to a better economic situation. Today, we do not want to take decisions likely to negatively impact on citizens’ entitlements or the competitiveness of the economy,” he added.