HRH Premier chairs work meeting on economic policies

Manama, Nov. 11 (BNA): His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has issued directives to adopt an agenda that enhances Bahrain's ability to contain the decline of state revenues as a result of the financial challenges, and makes it proportionate to the drop in oil prices. This can be achieved through carrying on efforts to reduce and rationalise government spending, developing revenues and resources in non-oil sectors, merging more government departments, attracting capitals and investments and tightening control over public money spending aspects, he said. HRH Premier made the statements as he chaired here today a work meeting with a number of deputy premiers and ministers on the kingdom's general economic trends. HRH the Prime Minister highlighted the kingdom's honourable achievements and the positive development strides it had made over the past years and decades. They include achieving acceptable economic growth rates, maintaining very low unemployment rates, bringing about quantum leap in many vital economic sectors, developing and modernising all infrastructure facilities, expanding the umbrella of social care, ensuring easy financing and consultation for small and medium-sized enterprises, as well as the continuous pay rises in the public and private sectors. The kingdom has also given top priority to sectors that are directly related to the citizens' daily life. This is reflected in the building of more than 38,000 housing units since the launch of the government's housing programme, and the government's plans, outlined in its action plan (2015-2018) to construct 25,000 hints, as part of the 40,000 units ordered by His Majesty King Hamad bin Isa Al Khalifa. HRH the Prime Minister then reviewed the latest developments regarding steady decline of oil prices in global markets, stressing that the issue requires the highest levels of professionalism in dealing with it so as to adapt to the current situation in a way that does not affect the citizens or the economic and social gains they have achieved over the past period. HRH Premier emphasised that in order to deal with the requirements and nature of the coming phase, effective policies and steps are needed to increase revenues, reduce spending, create new economic activities and encourage investments in various economic sectors to protect the national economy.