Bahrain has announced a substantial increase in the kingdom’s anti-inflation allowance, according to a report.

Parliament agreed to pass the law on the 2013-2014 budget when it convenes for its upcoming session on May 7, said the report published in the Gulf Daily News, our sister newspaper.

The Shura Council and parliament joint financial commission held a key meeting with Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and sealed the deal.

Chairing the session, MP Latifa Al Gaoud announced a substantial increase in the anti-inflation allowance.

The Premier and the Crown Prince approved the package.

The move followed a request submitted by parliament chairman Dr Khalifa Al Dhahrani to end the stalemate.

Under the deal, the budget earmarked for anti-inflation allowances would be boosted by BD30 million ($78.83 million) to top BD105 million, up from BD75 million.

The panel will meet Social Development Minister Dr Fatima Al Balooshi within two days to finalise anti-inflation allowance criteria.

The commission members took into account Bahrain's current economic and financial situation and the state budget deficit. – TradeArabia News Service