MANAMA, Bahrain, June 5, 2011 /PRNewswire-USNewswire/ -- His Majesty, King Hamad bin Isa al-Khalifa announced his approval of a $16.44 billion budget for the next two years – which represents a 44 percent increase in expenditures by the government.
"His Majesty passed the law for the budget for 2011 and 2012... it will approve expenditures for 6.198 billion Bahraini dinars [$16.44 billion]," a Finance Ministry spokesman told Reuters.
Finance Minister Sheikh Ahmed bin Mohammed al-Khalifa welcomed the passage of the budget, saying that the government is doing all it can to address economic concerns.
"The budget is a total package that takes into consideration income and spending," he said in an interview with Trade Arabia. "We have ambitions and whatever the government could have fulfilled it agreed to."
The passage of the budget reinforces His Majesty, King Hamad's ongoing commitment to Bahrain's economy.
"The goal is to stimulate productivity, boost competitiveness, encourage and attract investments and enhance human resource efficiency," His Royal Highness said in a speech earlier this week.
The Ministry of Industry and Commerce also announced an increase of cement production to 30,000 tons per week to invigorate the Kingdom's construction sector.
These steps in support of economic growth follow the lifting of the State of National Safety earlier this week.
SOURCE Kingdom of Bahrain