HM Bahrain King approves state budget

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Ministry of Finance and National Economy has unveiled details of the general state budget for the fiscal years 2021-2022, which was approved by His Majesty King Hamad bin Isa Al Khalifa yesterday.

HM King ratified and issued Law 9/2021, approving the Kingdom’s budget from the current year until next year.

The law has earlier been approved by the two chambers of the National Assembly. The government is committed to carrying out unprecedented efforts to mitigate the effects of lower oil prices and the ongoing impact of the COVID-19 pandemic.

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said protecting public money and spending it wisely for the benefit of the citizens and nation remains a top priority from everyone in the government.

The state budget plan outlined the overall public revenues and spending regarding ministries and government agencies and their recurrent expenditures, in addition to direct government support data, project expenditures by ministries and government agencies, revenues and expenditures of municipalities and the Capital Municipality.

Details of total expenditures for the two fiscal years amounting to BD7.1 billion were published on the Ministry’s website.

It includes the tables of the law approving the state budget showing the ministries and government agencies’ total revenues and public expenditures as well as their recurring expenditures.

Likewise, it shows direct government support data, project expenditures by ministries and government agencies, and revenues and expenditures of municipalities.

In summary, the state budget’s fiscal results and projections for 2021-2022 show the Ministry expects total revenues to reach BD2.4 million in 2021 and BD2.4 million in 2022, while government expenditure is expected to total BD3.6 million in 2021 and BD3.5 million in 2022, meaning the overall deficit is expected to be BD1.2 million in 2021 reducing to BD1.1 million in 2022.

The state’s revenues in the two fiscal years’ budget are estimated at BD4,863,012,000. According to Tables No. (1) and (2) attached to the law, the share of the fiscal year 2021 will be BD2,405,881,000 and BD2,457,131,000 the following year.

The total expenditures of the state in the budget for 2021-2022 are estimated at BD7,182,425,000. The share of the fiscal year 2021 is BD3,613,766,000, and the share in 2022 is BD3,568,659,000, according to Schedule No. (1) attached to the law.

The tables also clarify the recurrent expenditures of the state in the budget for the two fiscal years, which are estimated at BD6,582,425,000. The share of the fiscal year 2021 will be BD3,313,766,000, and the share for the fiscal year 2022 isB D3,268,659,000, according to tables (1) and (3) accompanying the law.

The state’s project expenditures in the budget for the fiscal years 2021 and 2022 are estimated at BD600 million. The share of the fiscal year 2021 is BD300 million, and the same amount for the fiscal year 2022.

The deficit in the state budget for the fiscal years 2021 and 2022 is estimated at BD2,319,413,000.

As for the sums transferred, they are estimated from the oil revenues to the future generations reserve account in the budget for the fiscal years 2021 and 2022 at BD41,172,000.

The share of the fiscal year 2021 is BD20,586,000 and the same amount for the fiscal year 2022.