State budget to sustain robust economic growth target
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Bahrain has concluded its state budget for 2023–2024, putting fiscal responsibility and economic growth at the heart of its medium-term plans.
Set against the backdrop of strong economic growth of 4.9 percent in 2022 and a reduction in the overall fiscal deficit of 47 percent, the budget sets out a range of new growth and nonoil revenue-raising measures to drive sustainable development in the Kingdom, ensure public finances remain on a stable footing, and enhance the quality of life for Bahraini citizens to ensure prosperity is accessible to all.
New budget measures include over 50 new fully funded infrastructure projects worth over BD1.5 billion over the next two years, increases to the living allowance for public sector workers and pensioners, as well as spending efficiency initiatives as part of the government’s multi-year Fiscal Balance Programme.
The government’s fiscal reform targets as part of the Fiscal Balance Programme remain on track, with budget forecasts assuming a conservative estimate of $60 per barrel. Together with past efforts to consolidate government spending, the reforms announced in this budget will lead to a budget deficit of less than 1 percent of GDP in 2024.
The 2023–2024 state budget demonstrates a firm commitment to building a sustainable and inclusive future for Bahrain that unlocks the nation’s full potential.