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FINANCIAL NEWS
Bahrain earmarks $97m for food subsidies
30 May 2010
(MENAFN) Bahraini Industry and Commerce Minister Dr Hassan Fakhro said that the government has earmarked $96.7 million to continue subsidizing red meat and flour for 2009-2010, Reuters reported.
Fakhro revealed the figures while chairing a key meeting with traders in Manama. He also gave directives to draft a report detailing efforts and initiatives aimed at boosting food security in Bahrain.
The paper will update the Cabinet on key food projects, particularly planned aquaculture and poultry companies.
It will also detail efforts seeking to encourage investors to diversify meat imports from other destinations, including Uzbekistan, Turkey and Russia.
The minister stressed the government’s keenness to consolidate the stability of the market and reduce food prices. He also vowed to continue combating trade malpractices detrimental to customers, citing cheating, monopolies and complicity.
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