MANAMA, Bahrain, March 24, 2011 /PRNewswire-USNewswire/ -- Bahrain's economy remains on target to reach 4.5 percent growth, as banking operations in the country return to normal, Gulf Daily News reports.
Yesterday, in a meeting with Bahraini commercial banks and insurance companies, Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa confirmed that the country's economic outlook is bright despite recent events.
"We are still aspiring to meet the target growth rate and compensate for any potential negative effects which may result for the past period," Shaikh Ahmed said.
Shaikh Ahmed shared positive economic indicators with the attending senior officials, including Central Bank of Bahrain Governor Rasheed Al Maraj, and stated that the economy has proven stable throughout recent events and is poised for further growth.
"All plans, programs and projects which have been announced as part of the accredited budgets are proceeding according to plans," he said.
Consistent with the finance minister's statement, president and chief executive of Al Baraka Banking Group Adnan Ahmed Yousif announced today that Bahraini banks are again operating normally. Yousif, who is also chairman of the Union of Arab Banks, expects his group to expand this year despite Bahrain's downgraded credit ratings.
"The downside has been that Bahrain's sovereign debt has been downgraded by the rating agencies and that may take some time to get back to where we were, but that is political rather than economic," he said.
With the extra help of GCC funds to boost the economy, Bahrain's economic stability and future growth remain secure and on track.