MANAMA: Steps are underway for the implementation a BD100 million liquidity fund launched by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, during the 2019 Government Forum, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa announced yesterday.
He said a meeting was held with Industry, Commerce and Tourism Minister Zayed Alzayani, Tamkeen chairman Shaikh Mohammed bin Essa Al Khalifa, Bahrain Chamber of Commerce and Industry chairman Sameer Nass and a number of bank executives to set the criteria and regulations concerning the establishment of the fund to support the private sector.
Mechanisms of supporting institutions and sectors facing financial challenges through the fund were also reviewed. The fund will not be financed by the general budget but from other sources, he noted.
During a meeting with editors-in-chief of local newspapers, he said the kingdom’s financial performance has improved considerably since the government launched the Fiscal Balance Programme last year with the aim of achieving a balance between revenues and expenditure by implementing various initiatives.
The first six months witnessed a 38 per cent drop in deficit due to an increase in non-oil revenues, while expenditure, administrative in particular, fell by 14pc following implementation of the Fiscal Balance Programme initiatives, he said.
General revenues increased by 18.8pc and non-oil revenues rose 47pc, he added.
Bahrainis’ average monthly wage in the private sector increased by 4.3pc as a result of the National Employment Programme, while Bahrainisation rates in this sector reached 66pc, he said.
The scheme provided 5,918 new jobs besides 2,892 available vacancies, he added.
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