The Daily Tribune – www.newsofbhahrain.com
Bahrain’s two-year state budget now awaits His Majesty King Hamad bin Isa Al Khalifa’s approval.
This came after the Shura Council yesterday unanimously approved the proposed budget for fiscal years 2021-2022 which will be referred to His Majesty King Hamad by National Assembly and Parliament Speaker Fouzia Zainal for ratification.
The budget expects total revenues to reach BD2,406 million in 2021 and BD2,457 million in 2022.
Expectations for expenditures are BD3,614 million in 2021 and BD3,569 million in 2022, producing an overall deficit of BD1,208 million in 2021, and BD1,112 million in 2022.
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said that the welfare of the citizens was the top priority in drafting the state’s general budget.
Bahrain unveils $2bn metro project plan at global event
MANAMA, March 6, 2021 Bahrain’s ambitious metro project, featuring four metro lines running 109 km long, was introduced for the first time to international investors at a recent virtual event hosted by Ministry of Transport and Telecommunications. Transportation and Telecommunications Minister Kamal Ahmed chaired the event ‘Bahrain Metro Market Consultation’, in the presence of senior officials including Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa. During the event, Phase One of the project including technical studies, finance and legal aspects were showcased as part of the public private partnership (PPP).
The Daily Tribune – www.newsofbahrain.com
The Government is planning to present a bill in parliament in the next few months to allow the Future Generations Reserve Fund to take higher deductions from oil sales.
The deductions will help replace money withdrawn from the fund to support the general budget as part of efforts to combat the coronavirus (COVID-19) pandemic and sustain the Kingdom of Bahrain’s economic recovery.
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said the move would boost the revenues of the fund which plays a vital role.
The current law imposes a deduction of a dollar in the event that the price of one barrel exceeds $40.
Bahrain s Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa stressed the kingdom’s resolve to continue to achieve desired development goals despite the challenges facing the kingdom due to the Covid-19 impact.
The Daily Tribune – www.newsofbahrain.com
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa yesterday participated in the 4th edition of the Future Investment Initiative in Riyadh, Saudi Arabia.
The Minister took part in the international conference alongside panellists Mohammed Al Jadaan, Minister of Finance for Saudi Arabia, Jason Greenblatt, former White House Special Envoy to the Middle East, and Thomas Barrack of Colony Capital.
Outlining the Kingdom of Bahrain’s economic diversification success since the launch of the Bahrain Economic Development Board, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, Minister Shaikh Salman noted the strong growth witnessed in Bahrain’s non-oil economy, which is now representing around 90% of Bahrain’s GDP, up from 55% in 2000.