Manama, September 26 (BNA) The legislative and executive authorities held a joint meeting today headed by Parliament Speaker Fawzia bint Abdullah Zainal, in the presence of Shura Council Speaker Ali bin Saleh Al-Saleh and Minister of Finance Sheikh Salman bin Khalifa. Al Khalifa, Minister of Labor and Social Development Jamil bin Muhammad Ali Humaidan, Minister of Parliament Affairs Ghanem bin Fadel Al Buainain, Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani, First Deputy Speaker of the Shura Council Jamal Fakhro, Second Deputy Chairman Jamila. Salman, First Deputy Speaker of Parliament Abdul Nabi Salman Ahmed, Second Deputy Speaker Ali Zayed, chairmen and members of the financial and economic committees of the Shura and Representatives Councils.
The meeting reviewed plans and initiatives related to financial and economic recovery after the Corona Virus (Covid-19) pandemic. The government team affirmed that the Kingdom of Bahrain, in line with the directives of His Majesty King Hamad bin Isa Al Khalifa, has given priority to the health of citizens in all stages of dealing with the epidemic facing the whole world. They said that efforts focused first on protecting the health of citizens and residents, combating the virus, and preserving national achievements. They added that the Kingdom then took steps to support the national economy and the private sector, maintain economic growth, create quality opportunities for citizens, protect jobs, and ensure labor market stability.
The government team indicated the launch of the financial and economic package to maintain the continuity of the state’s programs to achieve sustainable development and confront the economic impact of the epidemic on the private sector. They referred to the initiatives taken to support citizens and mitigate the repercussions of the epidemic on them, in line with the directives of His Majesty the King, and within the framework of the government’s follow-up led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
The government team clarified that the results achieved until February 2020 of the Fiscal Balance Program to achieve balance between government expenditures and revenues exceeded the set interim goals. They said that due to the repercussions of the Corona virus pandemic on the world and the economic situation in general, those results did not last, which is what prompts at the current stage to adopt initiatives to protect society through economic recovery and enhance financial stability and – put the financial balance program on the right track to achieve its goals. They noted that to avoid any direct impact on citizens, the goal of the fiscal balance program will be adjusted until 2024.
The government team reviewed several options to deal with the requirements of the next stage in order to maintain social support for eligible citizens, while adjusting the value-added tax (VAT) rate. They pointed out that the best option is always that with minimal impact on citizens, especially those with limited income. They stressed keenness to continue excluding 49 basic food commodities from the value-added tax, in addition to basic services and 1,400 government services.
For her part, the Speaker of the House of Representatives praised the constructive cooperation between the government and the legislative authority to serve the citizens. She commended the government’s keenness to inform the legislative authority about future plans and projects and their impact on society. She stressed that the meeting reflects the keenness of the legislative and executive authorities to continue coordination and cooperation to ensure the success of plans and initiatives aimed at achieving the goals of the 2030 Economic Vision.
The Speaker of the House of Representatives praised the Kingdom of Bahrain’s outstanding performance during 2021 in a number of economic indicators. She explained that the results were parallel to the levels recorded a year before the outbreak of the epidemic, especially in the real estate sector, sales levels, the rise in the value of international exports of national origin, and progress in the national program for employment, the tourism sector. and others. She emphasized that the pioneering measures taken by the Kingdom to deal with the repercussions of the global spread of Covid-19, protect the health and safety of citizens and residents, and maintain sustainable development, made Bahrain a distinguished model in the world.
The Speaker of the House of Representatives expressed the House of Representatives’ keenness to play its legislative and oversight role to serve the country and the citizen in the comprehensive development process led by His Majesty the King.
For his part, the Speaker of the Shura Council confirmed the positive economic indicators of the Kingdom of Bahrain during the past eight months of 2021, and said that the results parallel to the levels recorded in 2019, before the global spread of the Corona virus epidemic, confirm: The financial stability of the Kingdom and its excellence in implementing policies in a manner that achieves sustainability. National economy. He praised the professional performance and tireless efforts of the government, led by His Highness the Crown Prince and Prime Minister, to develop programs to support the national economy and support various sectors. He affirmed the Shura Council’s continuous support for the government’s ambitious plans by issuing more legislation and laws to enhance financial and economic performance and attract more investments and capital.
The Speaker of the Shura Council praised the continuous cooperation and coordination between the legislative and executive authorities to achieve the aspirations of citizens.
For his part, the Minister of Finance and National Economy indicated the government’s adherence to the principles followed in achieving the objectives of the fiscal balance program. He referred to the steps taken by the government in this regard, such as rationalizing and increasing spending efficiency, reducing operational processes, maintaining social support for eligible citizens, ensuring the continuation of providing good quality services to citizens, and the continuation of the financial balance program in accordance with the financial balance program. Its objectives are to achieve economic recovery during the next stage.
The Minister of Finance and National Economy stressed that priority in the next stage will be given to the importance of recovering the national economy through implementing initiatives that are in line with the current requirements to restore growth rates to the desired levels. He praised the team spirit in facing challenges, stressing keenness to place the supreme national interest above any other consideration.
At the conclusion of the meeting, the government team stressed the importance of effective partnership between the executive and legislative authorities, pointing to the positive results of cooperation in achieving the aspirations of citizens and the goals of the comprehensive development process led by His Majesty.
The deputies of the Speaker of the Shura and Representatives Councils and the chairmen of the financial and economic affairs committees expressed their thanks to the government for its continuous cooperation with the legislative authority and its keenness to preserve national achievements. They renewed their pledge to continue joint work between the two branches to achieve the desired goals.
AOQ