Shura committee hails Fiscal Balance Programme

Manama, Oct. 5 (BNA): The Financial and Economic Affairs at the Shura Council has affirmed that the signing of the Framework agreement to achieve the Fiscal Balance Programme reflects the depth of integration and complementarity among the Gulf Cooperation Council (GCC) countries in the face of the economic challenges witnessed by the world as a result of the decline of oil prices. Members of the committee valued highly the tremendous efforts exerted by His Majesty King Hamad bin Isa Al Khalifa to reach such an achievements that would boost the kingdom’s economy. Committee chairman, Khalid Hussain Al-Maskati said that the agreement proves anew the strength of the brotherly relations among GCC countries, noting that GCC ties have a strategic dimension that is capable of withstanding various challenges. He asserted that the exploit is the fruitful outcome of HM the King’s constant interest in economy, and success in establishing solid relations with GCC leaders thanks to his wisdom. Al-Maskati highlighted the importance of the pivotal role played by the government, led by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier, in launching the best initiatives to ensure the achievement of the goals of the agreement. He stressed the importance of the role of played by the Legislative Branch, in cooperation with the government, to pass a package of legislation based on preserving gains, reducing expenditure and achieving the top national interests, to ensure the achievement of the agreement’s goals. Deputy Chairman of the committee, Dr. Abdulaziz Hassan Abul said that the people of Bahrain values highly the initiative taken by brotherly Saudi Arabia, UAE and Kuwait, noting that the agreement reflect the highest levels of GCC cohesion in the face of challenges. He highlighted the importance of taking full advantage of the pact to achieve fiscal balance, reduce public deficit and improve the kingdom’s credit rating.