Ensuring stability of Bahrain market prices | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Ensuring stability of Bahrain market prices

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com    

The Cabinet stressed the importance of monitoring the prices and the availability of basic commodities. It thanked the concerned authorities and local merchants who have ensured the availability of goods at reasonable prices.

This came as the Cabinet discussed the availability of basic commodities following measures taken to ensure the supply of goods and the stability of market prices in light of international developments that have affected global energy supplies.

His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, yesterday chaired the weekly Cabinet meeting at Gudaibiya Palace.

Economic indicators

The Cabinet noted the positive economic indicators achieved by the Kingdom of Bahrain across multiple sectors, which have resulted in extraordinary outcomes for the economy.

This follows the Cabinet’s review of a memorandum submitted by the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance regarding the Kingdom’s Economic Report for 2022.

The report indicated that the non-oil sector contribution to GDP at constant prices was recorded at 83.1%, the highest figure in Bahrain’s history. This reflects the strength of the Kingdom’s public-private partnerships and its effects in developing non-oil economic sectors.

The report also revealed Real GDP grew by 4.9% in 2022 compared to the previous year, which is the highest real GDP growth rate since 2013. This was driven by the non-oil sector which grew by 6.2%, the highest growth rate recorded over the past 10 years, thus, exceeding the 5.0% real growth target set in the Economic Recovery Plan.

Draft budget

The Cabinet approved a memorandum submitted by the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance regarding the approval of a draft budget for the 2023- 2024 fiscal year.

They also referred a draft law for approval to the Council of Representatives in accordance with legal and constitutional frameworks. In preparing the draft of the 2023-2024 state budget, certain mechanisms were taken into account, including the need to maintain financial stability and economic growth to create quality opportunities for citizens and develop financial and economic support programs aimed at efficiently directing subsidies to eligible citizens.

The 2023-2024 draft commits to implementing the Economic Recovery Plan by achieving a balance between revenues and expenditures while managing public expenses and diversifying revenue sources, and developing the performance, quality, and sustainability of government services.

Employment rate

Based on a memorandum submitted by the Minister of Labour, the Cabinet reviewed the latest Economic Recovery Plan employment and training developments and expressed gratitude and appreciation to the companies that contributed to the highest employment rate.

In particular, their successful role in implementing employment initiatives within the Economic Recovery Plan from January to March 2023.

Pan-Arab cooperation

In light of the 78th anniversary of the founding of the League of Arab States (LAS), the Cabinet commended the LAS on their role in furthering pan-Arab cooperation.