Bahrain takes measures to boost economy

Bahrain plans to boost its international credit ratings and revitalise the national economy. The country's Cabinet Sunday approved a string of measures to promote Bahrain's standing and address economic developments issues, (TradeArabia) news service reported Monday. Bahraini Prime Minister Prince Khalifa bin Salman Al Khalifa announced the strategy while chairing the weekly Cabinet meeting at Gudaibiya Palace. The financial and economic affairs committee was instructed to follow up on the implementation of the blueprint in co-ordination with all ministries, the Manama-based news agency said. The panel was given the green light to co-operate with leading local and international rating agencies. The session was also briefed on the current growth momentum of the economy, which is in line with development requirements. The Cabinet session was updated on the strong financial and banking position in Bahrain, hailing security agencies for restoring stability in the kingdom in the aftermath of the recent unrest. The session reviewed the recommendations submitted by Deputy Premier and Financial and Economic Affairs Committee head Shaikh Mohammed bin Mubarak Al Khalifa. Central Bank of Bahrain Governor Rasheed Al Maraj also gave an update on Bahrain's economic and financial situation.