ECONOMY 'ON RIGHT PATH'
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MANAMA: Bahrain is a role model for the region in economic diversification, said a top British economic adviser.
More countries in the region should follow subsidy reforms initiated by Bahrain, Institute of Chartered Accountants in England and Wales economic adviser Scott Corfe said.
'Many GCC countries are on the right path for diversifying their economies, but with lower oil prices here to stay, more action needs to be taken,' said Mr Corfe, who is also the associate director of Centre for Economics and Business Research (Cebr).
He was speaking after the release of Cebr's annual report, Economic Insight: Middle East Q2 2015.
Mr Corfe said the situation can be conducive to implementation of much-needed subsidy reforms in a range of countries.
The report discussed fiscal, environmental and resource sustainability, with a particular focus on how the various economies in the Middle East were adjusting to lower oil revenues.
The GDN reported on Bahrain's plans to reduce subsidies for its expatriate population, redirecting the funds as cash payments to Bahraini nationals for fuel, electricity, water and meat.
The move, rejected by both parliament and the Shura Council and which resulted in a delay in approving the national budget, is to be discussed in detail today by legislators.
Deputy Premier Shaikh Khalid bn Abdula Al Khalifa is expected to meet parliament and Shura Council financial and economic affairs joint committee to discuss the issue.
Parliament could convene an extraordinary session to discuss the budget once an agreement is reached, according to the joint committee chairman Isa Al Kooheji.
More countries in the region should follow subsidy reforms initiated by Bahrain, Institute of Chartered Accountants in England and Wales economic adviser Scott Corfe said.
'Many GCC countries are on the right path for diversifying their economies, but with lower oil prices here to stay, more action needs to be taken,' said Mr Corfe, who is also the associate director of Centre for Economics and Business Research (Cebr).
He was speaking after the release of Cebr's annual report, Economic Insight: Middle East Q2 2015.
Mr Corfe said the situation can be conducive to implementation of much-needed subsidy reforms in a range of countries.
The report discussed fiscal, environmental and resource sustainability, with a particular focus on how the various economies in the Middle East were adjusting to lower oil revenues.
The GDN reported on Bahrain's plans to reduce subsidies for its expatriate population, redirecting the funds as cash payments to Bahraini nationals for fuel, electricity, water and meat.
The move, rejected by both parliament and the Shura Council and which resulted in a delay in approving the national budget, is to be discussed in detail today by legislators.
Deputy Premier Shaikh Khalid bn Abdula Al Khalifa is expected to meet parliament and Shura Council financial and economic affairs joint committee to discuss the issue.
Parliament could convene an extraordinary session to discuss the budget once an agreement is reached, according to the joint committee chairman Isa Al Kooheji.
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