Manama, June 6 (BNA): The government of Bahrain has completed the state budget for the period 2023-2024, placing fiscal responsibility and economic growth at the core of its medium-term plans.
Against the backdrop of strong economic growth of 4.9 percent in 2022, and a lower overall fiscal deficit of 47 percent, the budget outlines a set of new growth measures and increased non-oil revenues to drive sustainable development in the region. Kingdom, ensuring that public finances remain on stable foundations, and improving the quality of life for Bahraini citizens to ensure prosperity within everyone’s reach.
New budget measures include more than 50 new fully funded infrastructure projects worth more than BD1.5 billion over the next two years, an increase in living allowances for public sector workers and retirees, 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 Program remain on track, with budget projections assuming a conservative estimate of $60 per barrel. Combined with previous efforts to consolidate government spending, the reforms announced in this budget will result in a budget deficit of less than 1 percent of GDP in 2024.
The State Budget 2023-2024 demonstrates a firm commitment to building a sustainable and inclusive future for Bahrain that unlocks the country’s full potential.
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