Shura financial committee approves budget

Manama, July3 (BNA): The Shura Council Financial and Economic Affairs Committee today recommended the approval of the two-year state budget 2015-2016- as referred by the Council of Representatives. Shura Council President Ali bin Saleh Al-Saleh chaired the panel meeting, which endorsed the budget plan, in the presence of Finance Minister Shaikh Ahmed bin Monhammed Al-Khalifa. Al-Saleh lauded the cooperation of the Government, chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa, hailing the support of His Royal Highness Prince Salman bin Hamad Al-Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier. He announced that the state budget ( 2015-2016) would be on the agenda of the Shura Council, when it convenes for its weekly session on Sunday (July 5), hailing the step as reflecting the Government's commitment to cooperate with the legislative branch of government as per the provisions of the constitution and the National Action Charter. He hailed the endorsement of the state budget, six months into the new fiscal year, lauding the role of the Shura Council Financial and Economic Affairs Committee which took part in the meetings of the joint financial panel and reached consensus with the Council of Representatives' Financial and Economic Affairs Committee . Shura Council Financial and Economic Affairs Committee Chairman Khalid Al-Maskati stressed the panel's commitment to the joint consensus on adopting conservative economic policies in the coming period and spending the allotted funds as per the priorities which were jointly set by the Government and the legislative branch. In a statement today, he pointed out that the priorities focus mainly on public services, including housing, health and education in particular. "The current situation requires all parties to take decisions which may be difficult but necessary to protect the national economy and heed the low-income categories", said Al-Maskati. He underlined the volatile global situation resulting from the oil prices fall from $140 to 60$ per barrel, pointing out that oil revenues make up around 90 per cent (90%) of Bahrain's Gross Domestic Product (GDP).