Ministry of Finance and National Economy Bahrain
Bahrain over the years has channeled its oil and gas wealth to establish a regional financial and investment hub, attracting numerous international companies. Bahrain’s banking and financial services sector, particularly Islamic Banking, has gained traction from the regional boom driven by demand for oil and related products. Petroleum production is Bahrain’s most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. At the core of this accelerated development, resides The Ministry of Finance & National Economy (MOFNE). MOFNE is responsible for formulating and implementing the financial and economic policies of the Kingdom of Bahrain within the overall vision of the Bahrain Government.
The Ministry prepares the state’s general budget in coordination with other ministries and public entities to pursue the short-term and long-term financial and economic objectives of the Kingdom, particularly regarding improving general public living standards and increasing the overall level of economic growth. MOFNE also ensures the progress of public investment in compliance with the financial policies of the Kingdom. It also manages the public debt and maintains the debt levels within internationally approved limits. By implementing sound economic policies, the Ministry is responsible for the establishment of financial stability through optimal allocation of available financial resources. The Ministry also works towards enhancing bilateral relations with other countries in financial and economic areas including negotiating bilateral and multilateral agreements to provide a legal framework for these relations.
In January 1970, through Amiri Decree No. (2) of 1970, the Department of Finance and National Economy was formally established, including the Directorates of Finance, Oil, Housing, Customs and Ports, and Posts. Amiri Decree No. (8) of 1976 was issued on 14 June 1976 amending Article (1) of the Amiri Decree No. (26) of 1975 and restructured the Ministry of Finance and National Economy to include the following important Directorates:
- Planning and Economic Affairs
- Statistics
- General Organization for Pension funds
- State Budget
- Accounts
- Property and Services
- Customs
MOFNE strives to achieve optimal financial stability in order to make the Kingdom of Bahrain the center of excellence in the region for financial planning, management, and control, and to contribute to sustainable economic growth through developing and following up the implementation of sound financial policies. MOFNE also assures the progress of public investment in compliance with the financial policies of the kingdom. Over the years, MOFNE has played a pivotal role in establishing Bahrain as a regional financial hub and providing a business-friendly environment with the necessary legal framework to welcome regional and international firms.
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