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The Premier, the Crown Prince and parliament chairman Ahmed
Al Mulla with MPs

New strategy to bolster Bahrain's economy

MANAMA, January 7, 2015

Strengthening security, establishing a diverse economy and increasing productivity of the public sector have been outlined in the Bahrain government's action plan for the next four years.

The blueprint comprises six core categories: sovereignty and rule of law, economy and finance, human development and social services, infrastructure, environment and urban development, and government performance, said a report in the Gulf Daily News (GDN), our sister publication.

It was presented to parliament yesterday by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, who was accompanied by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.

The action plan also detailed challenges facing the country, including the massive drop in oil prices that is expected to negatively impact the economy.

It stated that the government aims to tackle the increasing public debt caused by Bahrain's heavy reliance on oil revenues, and the budget deficit generated by the allocation of financial credits to subsidise food products and energy.

Other challenges include overcoming security and financial issues caused by the 2011 unrest, and addressing the growing terror threat in the region.

The government also hopes to tackle other key issues such as lack of agricultural land and limited natural resources.

The Premier yesterday stressed that the blueprint was drawn up to maintain a strong and diverse economy, and a stable financial and monetary system.

He said it included projects that would provide a supporting infrastructure capable of matching sustainable economic growth.

“We have a blueprint that is divided into six core categories that will fulfil sustainable economic development and provide the necessary supporting infrastructure in co-operation with the private sector,” he said.

“The government will provide high quality services and continuously improve people's living standards.

“The first category will look to enhance security and stability and support our democratic system besides our foreign relationships.

“In regard to the financial and monetary section, we will continue our efforts to cement a strong and diverse economy in addition to introducing a stable system.”

Also present during yesterday's special parliament session were deputy premiers, government ministers and MPs.

The four-year blueprint states that the government aims to strengthen security and stability by increasing security forces, in addition to enhancing democratic institutions, pushing for national reconciliation, and further bolstering foreign relations.

The government plans to establish a strong and diverse economy by promoting Bahraini entrepreneurs, supporting small and medium enterprises, creating strategic economic programmes and allocating resources efficiently.

Tourism

It is also planning on implementing a national strategy for tourism and culture to attract foreign investment and tourists, and is working with the private sector to establish an Exhibitions City to host international conferences and expos.

In the human development and social services category, the government aims to deliver high quality services that ensure decent living standards for all Bahrainis, including developing the public education system, improving the academic curricula, opening 10 new schools across the country and supporting special needs students.

The Housing Ministry's schemes for the next four years were also outlined along with the health sector's plans, which include building six hospitals and specialised medical institutions; opening four health centres and increasing working hours in health centres.

The action plan also details infrastructure projects, along with environment and urban development schemes.

In the last category, the government mentions how it will improve its performance to increase productivity of the public sector.

It will also revamp policies that aim to combat corruption and introduce tougher punishments. - TradeArabia News Service




Tags: Bahrain | economy | Security | Public | sector |

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