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Bahrain plans to reduce 'lavish spending'

Manama, February 22, 2012

Bahrain must tighten its belt to reduce lavishness, rationalise spending and protect public money, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa said.

Welfare spending will be trimmed substantially among a string of other measures, he said as he chaired a work meeting of the Cabinet.

The session discussed Bahrain's financial standing and economic challenges it is facing amid global developments, said a report in the Gulf Daily News, our sister newspaper.

The Premier gave directives to reduce unnecessary spending and instructed to hold violators accountable and activate financial control mechanisms.

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has been charged to submit recommendations on enforcing sound spending policies.

The Premier instructed authorities concerned to draw up a three-year programme to promote state revenues. The scheme, to be reviewed every six months, should aim to reduce budget deficit as part of efforts to balance revenues and spending without eroding citizens' purchasing power.

The Premier issued directives to downsize official delegations for events which do not require high-level participation and promote the role of ambassadors.

He gave instructions to keep records of spending violations and ensure the ministries' commitment to financial prudence.

The session stressed the necessity to put in place a viable programme to cut spending, boost revenues and achieve financial stability in the medium and long term.

The high-level meeting discussed Bahrain's financial policies and the current fiscal situation.

It also spotlight present and future measures undertake by the Government to spur economic growth, ensure financial stability and keep budget deficit and public debts under control.

The Premier stressed the Government's tangible achievements, withstanding volatile regional and global political and economic conditions.

'Bahrain rose to the challenges, emerging from hard situations stronger than ever', he said, stressed sound policies in addressing challenges.

He pointed out viable Government initiatives that promote citizens' living standard and spur sustained economic growth amid growing demography.

The Premier also stressed the necessary to engage radical structural reforms and implement sound economic policies. - TradeArabia News Service




Tags: | Bahrain | Spending | public money |

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