Budget gets Shura financial panel nod

Manama

The Shura Council Financial and Economic Affairs Committee yesterday recommended the approval of the two-year state budget 2015-2016 as referred by the Council of Representatives. Shura Council President Ali bin Saleh Al-Saleh chaired the panel meeting, which endorsed the budget plan, in the presence of Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa.

Al-Saleh lauded the cooperation of the government, chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and hailed the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.

He announced that the state budget (2015-2016) would be on the agenda of the Shura Council in its weekly session tomorrow. Al-Saleh noted the step as the reflection of the government’s commitment to cooperate with the legislative branch of government as per the provisions of the constitution and the National Action Charter. 

He hailed the endorsement of the state budget, six months into the new fiscal year, and commended the role of the Shura Council Financial and Economic Affairs Committee, which took part in the meetings of the joint financial panel and reached consensus with the Council of Representatives’ Financial and Economic Affairs Committee. 

Shura Council Financial and Economic Affairs Committee Chairman Khalid Al-Maskati stressed the panel’s commitment to the consensus on adopting conservative economic policies and spending the allotted funds as per the priorities jointly set by the government and the legislative branch.

In a statement yesterday, he pointed out that the priorities focused mainly on public services, including housing, health and education in particular.

“The current situation requires all parties to take decisions which may be difficult but necessary to protect the national economy and heed the low-income categories,” said Al-Maskati. He underlined the volatile global situation resulting from the oil prices fall from $140 to 60$ per barrel and added that oil revenues make up around 90 per cent (90%) of Bahrain’s Gross Domestic Product (GDP).