BUDGET TO BE REFERRED TO PARLIAMENT NEXT WEEK

The long awaited state budget for the fiscal year 2015 – 2016 will be referred to the Legislative Authority (Shura and Parliament Councils) next week for approval, it was announced yesterday.

This was confirmed during a meeting between members of both councils and representatives of the Government at the Parliament House in Gudaibiya yesterday.

The officials stressed on reaching a mutual zone while setting the basics and principles of the state budget. This will be to help meet citizens’ needs and to fulfil their requirements, despite the unstable international oil prices, the prime source of income to the Kingdom.

Elaborating on the last point, the officials highlighted the importance of diversifying sources of income, by following a plan to develop the different sectors of the local economy, such as enhancing local production and redirecting government subsidies.

The meeting comes as a translation of the directives of the Prime Minister HRH Prince Khalifa bin Salman Al Khalifa to strengthen cooperation between the legislative and executive authorities in all areas, especially in the financial and economic fields.

The meeting was chaired by Deputy Prime Minister and Financial Affairs and Rationalising Expenditures Ministerial Committee Chairman Shaikh Khalid bin Abdulla Al Khalifa.

Attending the meeting were Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, State Minister of Shura Council and Parliament Affairs Ghanim Al Buainain, Shura Council Chairman Ali Saleh Al Saleh, Shura Council First Vice Chairman Jamal Fakhro, Parliament First and Second Vice Speakers Ali Al Aradi and Abdulhaleem Murad, Parliament and Shura Council’s Financial and Economic Affairs Committees Heads Isa Al Kooheji and Khalid Al Masqati, in addition to a number of both councils’ members.

Many rumours have been revolving around the state budget for the past few weeks.

A few MPs made early statements, of their expectations that will be mentioned in the state budget draft. Some said a few subsidies will be removed and citizens’ livelihood will be affected by the fluctuating oil prices, while others denied this.

Information Affairs Minister Isa bin Abdulrahman Al Hammadi confirmed in a press conference yesterday the state budget for 2015 – 2016 will be discussed by the Cabinet next Monday, before it’s referred to the Parliament House.