Bahrain Shura Council slams gavel on public funds

TDT | Manama                                                     

The Daily Tribune – www.newsofbahrain.com

In a move hailed as a game-changer for financial transparency, the Shura Council flexed its legislative muscles yesterday, demanding greater oversight of public funds through a key amendment to the Social Insurance Law.

Under the proposed change, both the Shura Council and the House of Representatives will have the final say on the General Organisation for Social Insurance (GOSI) and the Retirement and Social Security Fund’s financial statements.

These statements, audited by an independent watchdog, will now require approval from both legislative bodies, ensuring a double layer of scrutiny for every fils.

“This is a crucial step towards bolstering parliamentary control over public funds,” stated Dr Jameela Mohammed Reda Al Sulaiman, the rapporteur behind the amendment.

“By demanding approval, we’re holding the purse strings tighter, ensuring responsible management and safeguarding every dinar for generations to come.” The revision also streamlines reporting requirements, mandating the government submit the Retirement and Social Security Fund’s statements within five months of the fiscal year ending.

These approved statements, along with any recommendations from both legislative bodies, will be made public, shining a bright light on every transaction. This move comes at a pivotal time, recognizing the recent merger of the Government Employees Retirement Fund and the Social Insurance Fund.

By unifying oversight, the Shura Council and House of Representatives are effectively plugging any potential loopholes, leaving no room for mismanagement or ambiguity. The Council’s unanimous approval sent a clear message – that transparency and accountability are non-negotiable. Now, the baton passes to the House of Representatives, tasked with reviewing and hopefully fast-tracking this critical legislation.