Government revenue seen at BD2.3bn in fiscal 2018

Manama : Government revenues in fiscal 2018 are expected to reach BD2.3 billion - BD1.8bn as oil revenues, and BD560 million as non-oil revenues - while public expenditure is estimated at BD3.5bn, according to the draft Budget law approved by the Cabinet.

The revenues were estimated on the basis of oil prices pegged at $55 per barrel, while project expenditures for the fiscal years 2017-2018 were estimated at BD350m. 

The Budget deficit for fiscal 2018 is estimated at BD1.2bn. 

Details of the General State Budget were revealed at the weekly Cabinet meeting chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa at the Gudaibiya Palace yesterday.

According to the draft budget law approved by the Cabinet, the estimated revenues in the fiscal year 2017 accounted for about BD2.2bn, of which BD 1.7bn are oil revenues and about BD500m non-oil revenues. 

Meanwhile, public expenditure was estimated at BD3.5bn, leaving a budget deficit of BD1.3bn in fiscal 2017. 

The Cabinet discussed the General State Budget for the two fiscal years, 2017-2018. It also discussed the amendment of some existing laws and systems and the issuance of new legislation to regulate the collection of revenues and control expenditures, in accordance with the estimates set in the 2017-2018 Budget. 

The session agreed to refer the draft-law on approving the Budget for the two fiscal years 2017-2018 to the Council of Representatives, along with a statement on the current financial and economic situation, according to the legal and constitutional procedures in force.