Marrakech: Hanan Mohammed Fardan, member of the delegation of the Parliamentary Division, participated in the fourth Marrakech Parliamentary Economic Forum for the Euro-Mediterranean and Gulf Region. During a session on global challenges facing economic integration, free trade, and public debt, Fardan presented a paper highlighting Bahrain's experience in balancing fiscal reform requirements with continued investment in development projects and essential services to maintain economic, social, and environmental stability.
According to Bahrain News Agency, Fardan noted that Bahrain, through its economic vision based on the principles of sustainability, competitiveness, and fairness, has implemented programmes and initiatives aimed at strengthening fiscal stability, improving government spending efficiency, and diversifying sources of income. She emphasized that achieving fiscal sustainability does not conflict with economic growth when reform policies are linked to clear programmes for economic diversification, investment promotion, and enhanced public spending efficiency.
Fardan underscored that economic integration, free trade, and public debt are interconnected issues that have become increasingly important amid global market fluctuations and growing financial and economic pressures. She highlighted that international experiences have demonstrated that moving from individual approaches to public debt management towards broader cooperation and integration contributes to financial stability and reduces risks associated with global volatility.
Fardan cited the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU) as an example of an integrated framework for economic and trade cooperation. She called for activating an integrated Euro-Mediterranean-Gulf economic framework to enhance institutional cooperation and coordinate economic, trade, and investment policies, describing it as a strategic step that serves the common interests of member states.
Furthermore, Fardan highlighted the importance of developing legislative frameworks governing public debt management, including enhancing transparency requirements and periodic disclosure of debt structures, servicing costs, and utilisation. She stressed the need to strike a balance between fiscal sustainability and investment in development projects, infrastructure, and productive sectors.
Fardan noted that developing performance indicators to measure the efficiency of government borrowing and linking it to projects with direct economic and social impact would enhance public resource management and enable parliaments to play a central role in monitoring and evaluating economic and fiscal reform programmes. She added that expanding regional economic integration through the removal of trade barriers, facilitation of investment flows, and exchange of expertise and knowledge among countries is key to promoting shared growth.
Fardan concluded by emphasising that addressing global challenges related to economic integration, free trade, and public debt requires stronger regional cooperation, updated national legislation, and balanced fiscal and economic policies to achieve stability and sustainable development.