Bahrain Mirror (Exclusive): In light of the silence of the House of Representatives in Bahrain, especially its  members who appear to be out of sight, a former MP dared to ask on social media about the country's financial surplus from high oil prices.

Former MP Ibrahim Al-Nafaie tweeted, "The Shura Council and the House of Representatives approved to set the price of an oil barrel at $60 in the state's general budget, and since they approved the general budget on May 30, the price of a barrel has not been less than $74, and even reached $80.

Given that Bahrain produces 196,000 barrels a day, would this affect citizens soon?"Regardless of what the former MP says, the figures prove that there have been huge increases in oil prices since 2020 to date, but this has not been reflected on Bahraini citizens, but has rather impacted them through the government's tampering with the the people's revenues, especially the cancellation of the annual increase for retirees. 

Last June, the King adopted Bahrain's budget after it was passed by the House of Representatives and the Shura Council, a budget that set a lower price of $60 for a barrel of oil, to raise the level of the budget deficit, and thus the volume of debt, at a time when the state is supposed to record for the second year in a row financial savings while spending levels remain at their current limits, so the same question applies here: Where does the money for financial savings go from oil prices and where does the money borrowed by the government go as well?

Compared to the Gulf states, Bahrain is the most reserved country in estimating the price of an oil barrel in its budget projects, as Saudi Arabia adopted its budget based on $80 per barrel while Kuwait adopted $70. Even Oman, which approved its budget before the huge increase in oil prices, raised the expected oil price in this year's budget to $94, and announced large financial savings that will be used to pay off debts owed by the government. As for Bahrain, it recorded a hypothetical deficit of one billion and 500 million dollars, until the government borrows more to finance a deficit that does not exist in the first place.

If government borrows one billion and 500 million, it will borrow twice this amount by the end of this year and will not reveal how it will be spent. This is indeed predictable, because the government borrows one and a half billion dollars annually over and above its need to pay off the deficit.

This is happening at a time when non-transparent meetings continue to be held by the joint committee between the government, parliament and the Shura Council to agree on a new program to redirect government subsidies for citizens, which is worrying, as it re-establishes new standards for eligible citizens to obtain support.

These criteria could reduce the number of beneficiaries of financial support programs, at a time when citizens complain about widespread poverty, rising prices and the government's imposition of additional fees and taxes. The government of Bahrain lives in another world entirely, the world of controlling the state's finances and hiding the real numbers, without the slightest worry, as the parliament is the government's playground, and the people are slammed with the hammer of political and security repression, all while surpluses are guaranteed to fall in the pockets of the ruling family members.

Arabic Version