The Bahraini Government has approved estimates for its 2003 and 2004 two-year budget cycle, which must now be ratified by King Hamad bin 'Isa Al Khalifah. Estimated revenue for 2003 is BD790mn ($2,095mn) and BD795mn ($2,108mn) for 2004. Total expenditure is forecast at BD1,050.5mn ($2,786mn) in 2003 and BD1,061.9mn ($2,817mn) in 2004. This will leave a deficit for the two years of BD527.4mn ($1,399mn). The budget was prepared within the framework of a medium-term financial plan in cooperation with the World Bank. Bahrain had originally forecast a deficit for its 2001-02 budget of BD314mn ($833mn), but announced last month that it had actually achieved a surplus in 2001 of BD148.1mn ($393mn) compared with the projected deficit for that year of BD154mn ($408mn).

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