Bahrain MPs Confident in Fiscal Balancing Goals Amid Economic Review

Bahrain, 27 September, 2024 : Bahrain is on track to meet its Fiscal Balancing Programme goals, according to MPs reviewing the 2023 government financial statements. The report indicates expected revenues of approximately BD3.1 billion, with actual figures closer to BD3.2 billion, while expenditures reached nearly BD4 billion against an anticipated BD3.7 billion, resulting in a deficit of BD773.9 million covered through borrowing.

Ahmed Al Salloom, president of the Strategic Thinking Bloc, noted a significant improvement compared to previous years when the revenue-expenditure gap necessitated extensive borrowing. He expressed optimism about achieving fiscal balance by the year's end, hoping for a potential surplus.

In April, Parliament had rejected the government’s 2022 financial statement due to concerns over transparency and clarity in revenue and spending policies. However, MPs had previously approved the annual closing budget statement for 2020, citing its alignment with pandemic relief efforts.

Committee member Mohammed Al Marafi commended government measures to stabilize the economy, stating that fiscal balance could have been achieved in 2022 without the pandemic's impact. He emphasized the need for regular progress reports on the fiscal balancing programme.

Mubarak Mattar, assistant under-secretary at the Finance and National Economy Ministry, assured that financial statements adhere to high international standards, reflecting accurate government revenues, expenditures, and debts. He acknowledged ongoing improvements in accounting and auditing practices to enhance financial reporting.

Source : www.zawya.com