Bahrain budget puts focus on 'financial stability, economic growth'

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Bahrain has prepared the 2023-24 state budget taking into account certain principles and goals, the most important of which were maintaining financial stability and positive economic growth, creating more promising opportunities for citizens, and developing financial and economic support programmes aimed at efficiently directing subsidies to eligible citizens, said the kingdom's finance minister.

Shaikh Salman bin Khalifa Al Khalifa was speaking while submitting the detailed data and information about the draft law endorsing the state's general budget for the two fiscal years 2023-2024, reported BNA.

The draft law was approved by the cabinet last week during his meeting with the Speaker of the Council of Representatives, Ahmed bin Salman Al Musallam, and Shura Council Chairman, Ali bin Saleh Al Saleh, in the presence of Parliament Affairs Minister, Ghanim bin Fadhl Al Buainain.

The minister affirmed that the kingdom’s development achievements are the fruitful outcome of the teamwork spirit adopted by Team Bahrain.

"Team Bahrain always gives top priority to the interests of the nation and the citizens while devising plans, initiatives and strategies, as the citizens are always the ultimate goal of the comprehensive development process, led by His Majesty King Hamad bin Isa Al Khalifa, and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister," he noted.

Shaikh Salman pointed out that the kingdom was committed to achieving the objectives of the Fiscal Balance Programme by striking a balance between revenues and expenditures while controlling public spending and diversifying sources of revenues and also enhancing the performance, quality and sustainability of government services, reported BNA.

"The Finance and National Economy Ministry’s determination to enhance cooperation and joint work with the legislative branch to complete the draft general budget for the fiscal years 2023-2024, in a way that would contribute to accelerating economic development towards more progress and prosperity, highlights the importance of unifying national efforts and building on previous achievements to better serve the nation and the citizens.