Initiatives and programmes help Bahrain economy ‘wane off Covid effect’

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Staff Reporter

Under the patronage of Shura Council Chairman Ali Al Saleh, ‘The Economic Recovery Forum’ kicked off yesterday as an initiative to support the visions of His Majesty King Hamad bin Isa Al Khalifa, which were announced by the Cabinet chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.

The forum is being organised by the Shura Council and Bahrain Institute of Banking and Finance (BIBF), with the sponsorship of the National Bank of Bahrain (NBB) and a large participation of ministers and officials from the public and private sectors.

During his inaugural speech, the Shura Council Chairman asserted that fruitful and continuous cooperation between the legislative and executive branches led to obtaining a consensus that contributed to promoting the financial sector and reducing the impact of the coronavirus pandemic on the individuals and commercial companies.

The Shura Council Chairman praised the results achieved and their role in enhancing the comprehensive development march led by HM the King with the close follow-up of HRH the Crown Prince and Prime Minister.

He said the Kingdom is proceeding towards its development goals, praising the royal address in the opening of the fourth regular session of the fifth legislative term of the parliament. The Shura Council Chairman noted that the government had recently launched the economic recovery plan which comprised initiatives and programmes aimed at achieving an economic growth based on knowledge and innovation and boosting the Kingdom’s competitiveness.

He added the plan also seeks to achieve financial sustainability, economic stability, sustainable growth and Bahrain Economic Vision 2030. The Shura Council Chairman described the Economic Recovery Forum as a feature of continuous cooperation between the legislative and executive branches.

He thanked members of the Shura Council Financial and Economic Affairs Committee, under the chairmanship of Khalid Hussain Al Masqati, and all the organisers of the forum for their efforts to ensure its success.

Royal directive Speaking on the occasion, Central Bank Governor Rasheed Al Maraj thanked the directive of the leadership for implementing the Economic Recovery Plan.

“The Kingdom successfully mitigated the economic effects of the pandemic with precautionary measures. All sectors were included in the plan, which is showing positive results and remarkable improvement in financial indicators.”

He said one of the major challenges to the Kingdom’s economy in the coming days will be the rising inflation caused by the Russia-Ukraine war, which will have “some impact on the Kingdom’s market”.