Economic reforms launched by Bahrain are paying off, the governor of Central Bank of Bahrain (CBB) said as he welcomed the recent Fitch Ratings' announcement reaffirming Bahrain financial outlook stable.

"These structural reforms are making the kingdom's economy a resilient one," Rasheed Al Maraj was quoted as saying by the Gulf Daily News, our sister publication.

In an assessment, Fitch Ratings had reaffirmed Bahrain's long-term foreign currency issuer default rating (IDRs) at 'BBB'.

"This is a positive reflection of the government's sound macroeconomic policies, which helped in maintaining positive growth of the national economy," said Al Maraj.

"This rating followed a marked improvement across most economic sectors, which reflected positively in the growth rate of GDP in the first quarter of this year, amounting to 4.2 per cent," he said.

"Bahrain's economic resilience is due to the economic and structural reforms being implemented by the government," said Al Maraj. – TradeArabia News Service