Bahrain's economy to bounce back

The economy has registered a drop of 5.8% this year

  
People shop at vegetable section of a local supermarket in Isa Town south of Manama, Bahrain, November 28, 2018.

People shop at vegetable section of a local supermarket in Isa Town south of Manama, Bahrain, November 28, 2018.

REUTERS/Hamad I Mohammed

MANAMA: Bahrain expects to achieve a growth of five per cent next year.

This is based on expectations that the impact of Covid-19 will subside, according to the Finance and National Economy Ministry.

The economy has registered a drop of 5.8pc this year.

The financial and economic statement for the state’s general budget draft law 2021-2022 shows Bahrain’s oilfield is estimated to produce 46,000 and 43,000 barrels per day for 2021 and 2022, respectively. The Abu Saafa Oilfield is expected to produce 150,000 barrels daily.

Revenues from gas sales are estimated on the basis of an average price of $3.91 and $4 for the two fiscal years.

Annual gas production is estimated at 543.5 billion cubic feet and 586.5bn cubic feet for the two years, respectively.

The total budget allocated for government projects for 2021 and 2022 reached BD1.312bn covering more than 64 projects, in addition to other projects (BD530 million from the state’s general budget and BD782.4m as part of the GCC Development Fund).

Housing projects got the largest share (27pc), other projects (23pc), works and roads (20pc), electricity and water network upgrade (15pc), sports (6pc), education, health and social services (5pc), and transport infrastructure (4pc).

Housing projects mainly include Deerat Al Oyoun (Diyar Al Muharraq), Wadi Al Sail and Galali, East Hidd, Ramli project and Al Louzi in partnership with the private sector.

Health projects feature health insurance implementation, establishment of a cardiology centre, a kidney dialysis centre in Riffa and a long-stay care centre in Muharraq.

Education projects include establishing and developing facilities at Bahrain University and Bahrain Polytechnic, setting up Abdulla Bin Khalid College for Islamic Studies and schools across the kingdom.

Public order and safety sector features the implementation of the second phase of e-Customs system for single window “Ofoq”.

Shura Council financial and economic affairs committee chairman Khalid Al Maskati said a legislative-executive joint meeting will be held soon to discuss the budget draft law.

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