Finance Minister from Davos: Bahrain's First-Half Deficit will be Much Narrower than Expected
2022-05-24 - 8:33 p
Bahrain Mirror: Bahrain expects a significantly narrower budget deficit for the first half of 2022 due to high oil prices, Minister of Finance and National Economy Salman bin Khalifa Al-Khalifa said on Monday.
Speaking on a panel at the World Economic Forum in Davos, he did not give a specific projection for the budget deficit, but said the oil price assumption for the budget was $60 a barrel.
Official data from the Ministry of Financereported that the budget deficit decreased by 35% in 2021 to reach 1.08 billion dinars ($ 2.87 billion), compared to 1.67 billion dinars in 2020.
The data also showed that total government revenues amounted to 2.56 billion dinars ($ 6.79 billion), up from 2.08 billion dinars in 2020, while total government spending was 3.64 billion. dinars ($ 9.66 billion) in 2021 compared to 3.75 billion dinars in 2020. the previous year.
The Ministry of Finance and National Economy stated that the first financial results achieved during 2021 revealed the commitments of the Governorate of Bahrain to implement government projects.
Although recurring expenses decreased 4% in 2021, the government increased project spending by 9%.