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Thu 22 Jan 2009 07:54 AM

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Bahrain makes pledge on key projects

Ministry official says 2009-10 budget will ensure green light for development plans.

Bahrain has pledged to forge ahead with its key government-backed development projects despite the impact of the global economic crisis.

Finance Ministry chiefs said that the draft 2009-10 budget, which has been referred to the parliament for further scrutiny and approval, will cover all major projects.

"The proposed budget entails financial resources to execute planned development projects in key sectors," assistant under-secretary for financial affairs Ahmed Jassim Farraj said in comments published by Gulf Daily News on Thursday.

Projects scheduled to be launched by the National Oil and Gas Authority and Bahrain Properties Holding Company Mumtalakat will also be honoured, he told the paper.

Other national enterprises which represent vital pillars of the national economy will also have their projects executed according to schedule, Farraj added

His comments come as Bahrain's private banking and construction industries is reportedly facing widespread job losses.

General Federation of Bahrain Trade Union (GFBTU) deputy general secretary Ebrahim Hamad said he had received complaints from sacked Bahraini bank employees.

Bahrain's construction industry is bracing for a crisis, with sources predicting thousands of job losses, Gulf Daily News reported.

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