Kingdom committed to development goals despite economic challenges
TDT | Manama
Bahrain continues its commitment to achieving all comprehensive development goals, despite the challenges presented by the drop of oil prices globally and the coronavirus (COVID-19), Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa said.
The Finance Ministry yesterday completed its biannual financial report 2020 for ministries and government agencies, for the period ending 30 June 2020. Shaikh Salman noted that the cohesive efforts of Team Bahrain, represented by both the executive and legislative branches, the public and private sectors, citizens and residents, has had a profound impact on the initiatives that continue to place citizens’ interests at the core of all development plans.
Shaikh Salman noted that in parallel to achieving the Kingdom’s fiscal balance goals, development efforts will continue to ensure growth of the national economy, and the supply of quality opportunities for citizens.
The biannual financial report of the Kingdom’s ministries and government agencies for the period ending June 30 of this year has indicated a total collected revenue of BD910 million, a decrease of 29 per cent, in comparison to the same period last year. Due to low oil prices, oil revenue decreased by 35 per cent, in comparison to the same period during the fiscal year of 2019.
The report further indicated a fall in non-oil revenue by 13 per cent, in comparison to the same period in 2019, as a result of a decrease in economic activity globally, regionally, and locally, and due to the waiving of government service fees during the COVID-19 global pandemic.
The report reflected a discipline in total expenditure in accordance to the allocated budget, and a reduction in recurrent expenditure by five per cent, in comparison to the same period last year. Total actual expenditure recorded stood at BD1,708 million, achieving a slight increase in the disbursement by two per cent, compared to the results of the semi-annual budget implementation for the fiscal year 2019 of BD1,678 million.
As a result, the actual deficit for the biannual report for the fiscal year 2020 amounted to BD798 million, an increase of 98 per cent, compared to the biannual deficit for the fiscal year 2019. Shaikh Salman concluded by expressing his confidence that Team Bahrain’s united efforts and determination are key to overcoming all challenges presented by the global pandemic.