Bahrain mid-year financial report shows 52% increase in actual revenue collection

TDT | Manama                                                             

The Daily Tribune – www.newsofbahrain.com

The government’s disciplined approach to fiscal responsibility and longterm sustainability is proving effective. It is a further indication of Bahrain’s strong post-Covid financial recovery and further growth for years to come.

This is based on a memorandum by the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance, regarding the Kingdom’s 2022 Mid-year Financial Report, for the period ending on 30 June 2022.

At yesterday’s weekly Cabinet meeting, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, it reviewed the memorandum, which is indication of the outcome of the Kingdom’s commitment to fulfilling the Fiscal Balance Program.

The results showed that actual revenues collected increased by 52%, achieving savings of BD33 million, which contributed to reducing the financing needs to repay international bonds of public debt. It includes bonds worth $1.5 billion, equivalent to BD565 million, that were repaid until July.

This is due to the rise in oil prices in international markets. Commenting on the report, Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa said: “These results are clear evidence that the government’s disciplined approach to fiscal responsibility and long-term sustainability is proving effective.

Government initiatives to further diversify the economy and attract investment are having a positive impact and will provide the foundations for further growth for years to come. “While today is an opportunity to acknowledge measurable progress, Bahrain will continue to develop innovative policies to enable private sector growth and support the Kingdom’s entrepreneurial spirit.”

The Cabinet affirmed the continuation of adopting initiatives and unifying efforts to achieve the objectives of the Fiscal Balance Program.