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Friday, December 4, 2009

Bahrain's economy 'has survived global crisis'

MANAMA: Bahrain has succeeded in withstanding repercussions from the global economic meltdown.

"The financial situation remains stable and assuring thanks to our balanced economic policies," His Royal Highness Crown Prince Salman bin Hamad Al Khalifa said yesterday.

He was speaking as he chaired a meeting of the Economic Development Board's (EDB) executive committee. He also highlighted the importance of precautionary measures to protect Bahrain's solid financial standing.

"Contrary to most countries, the impact of the meltdown was less detrimental to this region," he said.

He expressed his confidence in the capacity of UAE officials to deal with the current crisis competently. He also highlighted the remarkable developments achieved by the UAE and other GCC countries.

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, Central Bank of Bahrain Governor Rasheed Al Maraj and EDB chief executive Shaikh Mohammed bin Essa Al Khalifa highlighted the impact of the crisis on the region.

They discussed precautionary measures to deal with potential repercussions. Initiatives to maintain oil and gas supplies and meet Bahrain's needs also came under the spotlight.

Oil Minister and National Oil and Gas Authority chairman Dr Abdulhussain Mirza gave an update on the industry and electricity sector. Upgrading the output of Bahrain Oil Field and intensifying explorations are part of initiatives ensuring Bahrain's energy security, he said.

Source : Gulf Daily News

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