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Bahrain ministers asked to cut costs

Manama, September 27, 2010

Bahrain Ministers and senior government officials have been asked to tighten their belts.

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa gave orders for Bahrain to reduce official trips abroad and attend essential events only.

Chairing the weekly Cabinet meeting at Gudaibiya Palace, HRH the Premier also ordered delegations to be trimmed down.

'The move aims at easing the overburdened budget and reducing unjustified expenditure,' Cabinet Affairs Minister Shaikh Ahmed bin Ateyatala Al Khalifa said.

HRH the Premier also convened a key meeting yesterday to discuss present and future prospects of Bahrain's economic and political development.

Shura Council chairman Ali Saleh Al Saleh, parliament chairman Khalifa Al Dhahrani and senior officials attended.

Bahrain's economic, financial, political and social situation came under close scrutiny.

The aim was to explore ideas and visions to serve as a catalyst for the present development momentum.

The need to provide a favourable environment for the kingdom to continue on the same growth pattern was stressed.

HRH the Premier voiced optimism in the light of the positive results posted by banks and financial institutions operating in Bahrain. 'This performance shows that they are on the right track to recover from the global financial downturn,' he said.

He credited Bahrain's developed economic systems for enabling the country to withstand the world financial crisis. But he cautioned against complacency, stressing the need to adopt financial policies that boost the national economy further.

The government's efforts to overhaul services, particularly housing schemes came under the spotlight.

HRH the Premier urged authorities to ensure government subsidies on food, fuel and other services reached targeted citizens. He also gave orders to tighten controls for such subsidies not to serve other designs.

He highlighted the importance of addressing Bahrain's present and future energy needs, stressing the need to further expand Bahrain Refinery.

He also stressed the key role of the private sector in spearheading economic development.-TradeArabia News Service




Tags: Bahrain | economy | government | finance | cost-cutting |

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