June 14, 2024

Shura Council, BIBF hold Economic Recovery Forum

Under the patronage of Shura Council Chairman Ali bin Saleh Al Saleh, The Economic Recovery Forum kicked off today as an initiative to support the visions of His Majesty King Hamad bin Isa Al Khalifa, which were announced by the Cabinet chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.

The forum is being organised by the Shura Council and Bahrain Institute of Banking and Finance (BIBF), with the sponsorship of the National Bank of Bahrain (NBB) and a large participation of ministers and officials from the public and private sectors.

During his inaugural speech, the Shura Council Chairman asserted that fruitful and continuous cooperation between the legislative and executive branches led to finding a consensus that contributed to promoting the financial situation and reducing the impact of the coronavirus pandemic on the individuals and commercial companies.

The Shura Council Chairman praised the results achieved and their role in enhancing the comprehensive development march led by HM the King with the close follow-up of HRH the Crown Prince and Prime Minister. He said the Kingdom of Bahrain is proceeding towards its development goals, praising the royal address in the opening of the fourth regular session of the fifth legislative term of the parliament.

The Shura Council Chairman noted that the government had recently launched the economic recovery plan which comprised initiatives and programmes aimed at achieving an economic growth based on knowledge and innovation and boosting the kingdom’s competitiveness. He added the plan also seeks to achieve financial sustainability, economic stability, sustainable growth and Bahrain Economic Vision 2030.

The Shura Council Chairman described the Economic Recovery Forum as a feature of continuous cooperation between the legislative and executive branches. He thanked members of the Shura Council Financial and Economic Affairs Committee, under the chairmanship of Khalid Hussain Al Masqati, and all the organisers of the forum for their efforts to ensure its success.

For his part, the Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa, affirmed in his keynote speech at the forum that Bahrain has been able, thanks to the support of HM the King and the follow-up of HRH the Crown Prince and Prime Minister, to record positive and qualitative indicators in the sectors targeted by the plan.

He pointed out that the economic recovery plan is based on 5 priorities comprising 27 integrated programmes. He noted that 16 of the 27 programmes included in the plan have been completed, and that work is underway to implement 11 programmes during the coming period. He praised the constructive cooperation between the executive and legislative branches in many projects, noting the role of the legislative branch in supporting initiatives aimed at achieving economic recovery and enhancing financial stability.

The Minister of Finance and National Economy also stressed the important role of the private sector in advancing economic growth and enhancing its stability. He said this is reflected in the economic recovery plan initiatives by providing investment opportunities and competitive advantages that open many areas for the continuation of the strong partnership between the public and private sectors. He thanked all members of the Bahrain team for their sincere work with the one-team spirit to implement the economic recovery plan. He pointed out the importance of continuous synergized efforts to achieve the desired goals.

AOQ

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