Diversification plans on right track: FM

Manama : Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa yesterday reiterated the government’s commitment to implement plans that will consolidate the financial position of the Kingdom.

The minister, however, stressed the need to overcome the challenges faced by oil-dependent economies by way of adopting gradualness and awareness in the implementation process. The minister was speaking during the regular Council of Representative’s discussion held yesterday.

During a discussion on a proposal to amend some provision of the Law on Issuance of Development Bonds, the minister pointed out that increasing the public debt’s ceiling implicitly comes once structural reforms get approved.

“We have begun implementation of plans and projects aimed at developing the country’s economic position and we have achieved success in terms of diversification of resources,” the minister said.

He also pointed out that situations sometimes makes it imperative to carry out measures for a certain period after which “we shall reap fruits that will move us on to a better economic situation”.