The Shura Council members are urgently seeking information about Bahrain’s borrowing plans, its sources and amounts to cover deficits in the 2023-2024 state budget.The new budget aims to cut down deficit drastically from BD2.3 billion in 2021-22 to BD569.7 million in 2023-24.

The total revenue is estimated to reach BD6.57bn, divided into BD3.1bn in 2023 and BD3.47bn in 2024.However, the chamber’s financial and economic affairs committee is seeking answers from Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa on the mechanism.Committee chairman Khalid Al Maskati revealed yesterday, after a committee meeting, that multiple other queries have been presented to the minister.

“We want to know more about planned government borrowing, its sources and amounts to cover an existing deficit and also meet other financial commitments,” he said.“Also we are interested to know why finances allocated for social welfare for pensioners, families in need and housing allowances don’t change over the years despite an increase in the number of beneficiaries under similar criteria,” he added.“Members want answers on reasons behind trimming Bahrain University’s budget from BD45m a year to BD30m each for this year and the next.

“This comes with an increased budget for Bahrain Polytechnic from BD8.5m last year to BD14.5m this year and BD17m next year.”Both the Shura Council and Parliament’s financial and economic affairs committee will convene a session to discuss the budget after Eid Al Fitr holidays next week.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (