Shura Council Committee Engages with IMF Mission on Economic Development
Manama: The Shura Council's Financial and Economic Affairs Committee, led by Deputy Chairman Redha Abdullah Faraj, welcomed the International Monetary Fund (IMF) Article IV Consultation Mission, which was headed by John Bluedorn, Deputy Division Chief at the Middle East and Central Asia Regional Office for Analysis and Policy. This meeting was part of the IMF mission's annual visit to Bahrain, focusing on economic development and sustainability.
According to Bahrain News Agency, the meeting emphasized the joint efforts of Bahrain's legislative and executive authorities to foster economic growth. These efforts include creating an environment conducive to sustainable development goals, implementing strategies to tackle development challenges, ensuring fiscal stability, diversifying income sources, and transitioning towards greater financial sustainability.
The discussions also highlighted the progress in macroeconomic indicators and the government's initiatives to enhance financial transparency and improve the quality of economic data. These improvements are intended to build confidence among financial and international institutions.
Additionally, the meeting covered the Shura Council's legislative role in supporting the government's financial and economic development initiatives. This includes passing necessary legislation for economic reforms, reviewing the state's final accounts and economic reports, and ensuring the implementation of IMF recommendations.
The committee provided the delegation with insights into the draft state budget law for 2025-2026, focusing on principles such as economic diversification, social welfare, and fiscal sustainability. Key topics of discussion included public debt ceiling, subsidy reform targeting eligible families, and legislative amendments needed for financial reforms.
The Shura Council reaffirmed its commitment to bolstering public revenue through innovative financial programs and initiatives while aiming to reduce public expenditure. This includes cutting operational costs in government entities, improving project budget efficiency, and restructuring public institutions.
Furthermore, the committee stressed the importance of efficient and fair government subsidies for eligible citizens and enhancing oversight of goods and services provided to companies. Article IV of the IMF's Articles of Agreement facilitates bilateral discussions with member countries, and this meeting was part of the IMF's efforts to engage with Bahrain on its economic policies and developments.
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