He deplored the haggling and polarisation in parliament, which he said was holding the draft budget hostage.
Several sectors had started feeling the pinch as a result of the standoff.
"Key infrastructure, housing and service projects have reported serious delays," he said.
The budget is crucial as a catalyst ensuring economic dynamism, which benefits all social segments, said Dr Fakhro.
He called on MPs to take all possible steps to protect Bahrain’s economy in view of the global meltdown.
They were also urged to take into account the plummeting oil prices, which formed the backbone of the budget.
Citing economic forecasts, Dr Fakhro said Bahrain’s budget could be balanced only if oil prices rose to $ 75 per barrel.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa also urged MPs to pass the budget without delay and said that key development projects were facing serious constraints.
"Any further delay may compromise Bahrain’s radiant image as a regional business, financial and banking hub," he warned.
