Minister of Finance and National Economy highlights the success of the Government Forum 2019

Manama, The Minister of Finance and National Economy, His Excellency Shaikh Salman bin Khalifa Al Khalifa, highlighted the success of the Government Forum 2019, which was held under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister, at the initiative of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister.

HE the Minister noted the importance of the Government Forum in bringing together executives and decision makers to review government achievements and to identify future priorities. Priorities set to realise the ambitious vision presented by HRH the Crown Prince a vision designed to realise citizens’ aspirations in line with the Kingdom’s comprehensive development led by HM the King.

HE the Minister highlighted that the next development stages require all government entities to implement the directives launched by HRH the Prime Minister and HRH the Crown Prince at the Government Forum. These decisions highlighted the areas in which further improvements are required to enhance confidence in government delivery. In this regard, HE the Minister affirmed the determination of the Ministry of Finance and National Economy to implement all current and future plans to the highest standards.

HE the Minister expressed his appreciation to HRH the Crown Prince for his continuous support to the Ministry of Finance and National Economy, and to the implementation of the Fiscal Balance Program. A program that embodies the continued pursuit of excellence in the implementation and achievement of the Kingdom’s economic goals.

HE the Minister explained that in accordance with HRH the Crown Prince’s directives, the Ministry of Finance and National Economy and the concerned authorities will begin implementation of the establishment of the BHD 100 million liquidity fund to support the private sector.

HE the Minister reiterated that the positive data presented by HRH the Crown Prince during the Government Forum, as well as the timely implementation of the initiatives under the Fiscal Balance Program, confirm that Bahrain is on track to achieve a fiscal balance by 2022.

His Excellency emphasised the stability of the Kingdom’s financial and investment environment in light of a strong and diversified economy that continues to grow year on year – noting that non-oil GDP has grown by 50% between 2008 and 2018.

HE the Minister highlighted the positive indicators delivered by the Fiscal Balance Program during the first half of 2019 compared to the first half of 2018. These showed a deficit reduction of 38%, an increase of non-oil revenues of 47%, an increase in oil revenues of 10%, and a decrease in administrative expenses of 14%. HE the Minister noted these indicators were achieved whilst maintaining significant growth in the economy.

HE the Minister concluded by stressing that the Kingdom’s economic indicators during the second quarter of 2019, released today, confirm Bahrain’s solid economic footing, successful diversification efforts and effective Fiscal Balance Program. In this regard, HE the Minister noted a 0.8% growth in GDP compared to the same period of 2018, and 3.4% growth this quarter compared to the first quarter of 2019. HE the Minister also highlighted the positive role of the non-oil sector, which grew by 1.2% compared to the same period of 2018.

Source: Bahrain News Agency