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No compromise on vital projects

The government yesterday pledged to honour commitments in the 2009-2010 budget. All vital projects directly relating to people's daily life will be maintained, Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa said yesterday.

He was speaking as he met the parliamentary financial and economic affairs committee for a new round of discussions on the 2009-2010 draft budgets.

He announced a benchmark oil price of $40 per barrel was adopted for the estimated revenues. It had initially been estimated at $60.

"The reduction won't be detrimental to the projects depending on the state budget," he assured the panel.

He deemed the move necessary to bring Bahrain's projected revenues in line with current oil prices in world markets.

He said parliament would approve the draft budget soon to start execution of development projects.



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