Mubasher: Bahrain on Monday said it expects a budget deficit of BHD 1.3 billion ($3.4 billion) for 2017 and 2018 due to the decline in oil prices, a major contributor to Bahrain’s budget, according to the Alayam newspaper.
The budget draft law for 2017, which was approved by the government six months late, includes revenues of BHD 2.2 billion ($5.83 billion), the newspaper added.
Expenditures are forecast at BHD 3.5 billion ($9.27 billion), while oil revenues will reach BHD 1.7 billion ($4.02 billion).
As for the country’s budget for 2018, the Bahraini government expects revenues of BHD 2.3 billion, of which BHD 1.8 billion are oil revenues, while expenditures will amount to BHD 3.5 billion, with a deficit of BHD 1.2 billion ($3.18 billion).
The government estimated the figures for the two budgets, which were delivered to Bahrain’s National Assembly, on the basis of oil prices of $55 per barrel (pb), while the current price is below $50 pb, according to Bahrain News Agency (BNA).
The government has pledged to decrease spending without compromising basic salary expenses, or government support programmes for citizens.
