Sunday 22 April 2018

Bahrain Shura focus on expat labour at IMF meet

Manama, May 1, 2014

Curbing inflation and foreign manpower, both of which are considered major problems facing the economy, are essential as they have a negative impact, eventually ending up as socio-political problems, said a top official.

Shura Council committee on financial and economic affairs chairman Khalid Al Maskati led a delegation that took part in high-level meetings of the International Monetary Fund (IMF) themed 'Economic Development, Diversity and State's Role' in Kuwait, reported the Gulf Daily News, our sister publication.

He said that Bahrain was able to maintain stable growth rates over the past years despite extraordinary circumstances.

He urged diversification of income sources and lessening dependence on oil as a main source of national income, which requires the state's investment on various economic sectors.

Committee deputy chairman Habib Makki Hashim said Bahrain has overcome most of the difficult economic circumstances which began with the financial crunch and its repercussions on the movement of capital and the banking sector in most countries of the world.

Bahrain opted to economise public debt within a reasonable percentage within the gross national product in order to avoid risks in future, he said.

Meanwhile, committee member Dr Abdulaziz Abul stated that Bahrain's financial policy seeks to affirm the reconsideration of the manner of distribution of commodity and energy subsidies by the government in favour of low-income citizens without harming the middle and upper income strata.

He also highlighted the negative repercussions on companies that hire foreign workers and also the ramifications of that on the level of prices and services provided by these companies.

Moreover, Dr Nada Haffadh expounded on the importance of benefitting from the relationship between the IMF and the World Bank and increase their support for social programmes.

Hala Ramzi Fayez stressed the need to work on embracing Bahraini job-seekers and would-be employees and to provide suitable opportunities for their training and qualifications because they are the real backbone of economic development in the region. – TradeArabia News Service

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