Bahrain vows to continue boosting revenues

MANAMA, Bahraini Minister of Finance Sheikh Salman bin Khalifa affirmed on Thursday that the kingdom continues to implement a strategy aimed at boosting revenues and slashing expenditures.

Sheikh Salman, in a statement broadcast by the official Bahrain News Agency (BNA), said “the financial balance program” has achieved positive results since start of its implementation, most notably the trimming of the budget deficit by 35 percent in 2018, as compared to 2017.

The next target is cutting the deficit in the 2019-2020 budget by 51 percent, he added.

Moreover, the deficit in the gross domestic product was trimmed by 6.2 percent in 2018, however the projection had been at 9.8 percent.

Moreover, the program aims to trim the deficit of the 2019 budget to reach 4.7 percent of the GDP and to 3.9 percent in 2020, he said, noting that proportion of the expenditures of the GDP would reach 24 percent in the 2019 budget and 23 percent in the 2020 budget.

Results that have been achieved, since launching the program in October 2018, are “successful,” he said, affirming that necessary steps would be taken to achieve its prime goal by 2022.

Indices showed that the Bahraini economy continued “positive performance” in first quarter of 2019, he said, adding the endorsement of the state budget (2019-2020) constitutes a factor that will contribute to pursuing execution of various development plans and ventures.

Bahraini King Hamad bin Issa endorsed, earlier on Thursday, the state budget for the fiscal years 2019 and 2020, after it was approved by the shura council and the legislators.

Source: Kuwait News Agency