Several members of Parliament have introduced a bill to include all revenues of public entities in the general budget.

MPs Ahmed Qarata, Jamil Mulla Hasan, Hisham Al Awadhi, Hamad Al Dawi and Mahmoud Fardan have submitted a legislative proposal to amend the state’s general budget law.

It aims to include in the general budget all revenues of public entities and institutions and state profits from their funds managed and invested by the Bahrain Mumtalakat Holding Company.

The proposed bill stipulates that “The revenues of all public entities and institutions shall be transferred to the public account, as well as all net profits realised to the state from wholly state-owned companies or from the percentage of its shares in the capital of other companies after setting aside legal reserves, without excluding any public entity or institution or company, regardless of the government’s share percentage therein”.

Mr Qarata told our sister paper Akhbar Al Khaleej that the proposal aims to make it easier to know the financial position of all government entities, institutions and profits, including the revenues and investments of the Bahrain Mumtalakat Holding Company, so that the various oversight agencies can monitor their financial status and conformity with the objectives set in the budget as approved by the legislature.

It also contributes to increasing the proceeds of the general budget by pumping the revenues of public bodies and institutions into the state’s public account, as well as the net profits achieved by wholly state-owned companies after setting aside the legal reserves, in addition to its share of the net profits in companies in which it has a capital contribution in order to use these funds in the kingdom’s development projects in general and improving services and facilities in particular.

The proposal will also help address the financial crisis the kingdom is going through in light of the low oil prices and lack of other resources available, he said.

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