Bahrain committed to comprehensive growth

ECONOMY BAHRAIN

Manama - Bahrain is continuing its commitment to achieving all comprehensive development goals, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa has said.

He said the ministry yesterday completed its biannual financial report 2020 for ministries and government agencies, for the period ending June 30.

The minister highlighted that despite the challenges presented by the drop of oil prices globally and Covid-19, the kingdom continues its commitment to achieving all comprehensive development goals.

Shaikh Salman noted that the cohesive efforts of Team Bahrain, represented by both the executive and legislative branches, the public and private sectors, citizens and residents, has had a profound impact on the initiatives that continue to place citizens interests at the core of all development plans.

He noted in parallel to achieving the kingdom’s fiscal balance goals, development efforts will continue to ensure growth of the national economy.

The biannual financial report has indicated a total collected revenue of BD910 million, a decrease of 29 per cent in comparison to the same period last year. Due to low oil prices, oil revenue decreased by 35pc, in comparison to the same period during the fiscal year of 2019.

Revenue

The report further indicated a fall in non-oil revenue by 13pc in comparison with the same period last year, as a result of a decrease in economic activity globally, regionally, and locally, and due to the waiving of government service fees during the pandemic. The report reflected a discipline in total expenditure in accordance to the allocated budget, and a reduction in recurrent expenditure by 5pc, in comparison to the same period last year. Total actual expenditure recorded stood at BD1,708m, achieving a slight increase in the disbursement by 2pc compared to the results of the semi-annual budget implementation for 2019 of BD1,678m.

As a result, the actual deficit for the biannual report for the fiscal year 2020 amounted to BD798m, an increase of 98pc.

He was speaking during a virtual meeting held with Shura Council and Parliament financial and economic committees’ chairmen.

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