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IMF Executive Board Concludes 2024 Article IV Consultation with The Kingdom of Bahrain

The International Monetary Fund (IMF) Executive Board concluded its 2024 Article IV consultation with the Kingdom of Bahrain, highlighting the country's economic progress amidst global challenges. Bahrain's economy has shown resilience with a recovery in non-oil GDP growth, driven by tourism, hospitality, and financial services. The IMF commended Bahrain's efforts in fiscal consolidation, noting a significant reduction in the fiscal deficit and public debt levels, supported by reforms in energy pricing, public wage bill, and social safety nets. However, the IMF pointed out the need for continued fiscal discipline, structural reforms to boost private sector growth, and addressing vulnerabilities in the financial sector. The consultation also emphasized the importance of diversifying the economy away from oil, enhancing labor market flexibility, and improving governance and transparency to ensure sustainable and inclusive growth.

Read the Full International Monetary Fund Article at [ https://www.imf.org/en/News/Articles/2024/11/27/pr-24445-the-kingdom-of-bahrain-imf-executive-board-concludes-2024-article-iv-consultation ]