The Cabinet has commended Team Bahrain’s efforts to implement the Economic Recovery Plan, and noted its positive contribution to the kingdom’s growth.
It thanked those who contributed to the economic success and urged them to continue development efforts with the same determination.
The session, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, at Gudaibiya Palace yesterday was discussing a memorandum submitted by the Finance and National Economy Minister on Bahrain’s quarterly economic report for Q2 of 2022.
The report highlighted the outcomes of implementing the recovery plan, as Bahrain recorded remarkable growth during the second quarter of 2022 YoY.
The quarterly report shows that the total Real GDP grew by 6.9 per cent in Q2, the highest YoY growth rate since 2011, while the non-oil sector grew by 9pc.
The report also revealed positive economic growth driven by the strong performances of the non-oil sectors, thanks to the recovery plan.
The Cabinet also reviewed a memorandum by the Cabinet Affairs Minister regarding the implementation of the Government Priority Framework 3.0.
Each minister was directed to develop an executive plan for the remaining 23 projects within the framework, which aim to achieve financial sustainability and development.
The Cabinet highlighted the outcomes of the meeting held by His Majesty King Hamad and Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.
It praised the leaders for strengthening co-ordination between both countries, and highlighted the meeting between the King and Saudi Crown Prince, Deputy Prime Minister and Defence Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud.
The Cabinet noted Saudi Arabia’s pivotal role in consolidating regional security, stability, and peace.
The session noted the success of the Saudi mediation in releasing 10 prisoners as part of the prisoner exchange process between Russia and Ukraine.
The mediation led by Prince Mohammed bin Salman is a leading humanitarian initiative to settle regional and international disputes by diplomatic means and support regional and global peace and stability, ministers said.
The Cabinet discussed several memorandums during the session and approved some of them, including a memorandum by the ministerial committee for legal and legislative affairs on developments regarding the executive mechanisms of the decree-law on the Electronic Transferable Records Law.
2. A memorandum by the Housing and Urban Planning Minister regarding the continued implementation of the strategy for infrastructural development and social services in new housing projects.
The Cabinet then reviewed a memorandum by the ministerial committee for legal and legislative affairs regarding the unified framework of co-operation between Electricity and Water Affairs Ministry and government agencies on technical support in the fields of renewable energy and energy efficiency.
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