Bahrain generated BD713 million in non-oil revenue

Bahrain generated BD713 million in non-oil revenue last year, which is an increase of five per cent compared with 2020.

Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa said the revenue was BD680m in 2020 and BD812m in 2019.

“Non-oil revenues were 41pc of our total income in 2020, which is a huge increase from where we were in 2002 when it was just 33pc,” said Shaikh Khalid, who also chairs the Ministerial Committee for Financial Affairs and Rationalising Expenditure.

“This comes as we partnered with the private sector in numerous projects and reoriented our work structure.

“More strategies are being created as we reduce our reliance on oil and diversify sources.”

The Deputy Premier indicated that out of the BD713m in 2021, BD224m constituted government fees.

“It includes fees for government permits, licences, administrative charges, services and products, we have revamped 21 fees last year which include environmental, expats’ work permits, real estate and construction,” he said.

“The amount collected as government fees dropped during the pandemic with it being 18pc less in 2020 compared with 2019. We are studying and planning to execute more programmes and initiatives that would increase revenues, in partnership with the Finance and National Economy Ministry.”

Shaikh Khalid added that general revenues increased by 23pc last year compared with 2020.

“Initial general revenues, including oil, stood at BD2.564 billion last year with expenditures amounting to BD3.644bn,” he said.

“This compares with BD2.082bn revenues and BD3.753bn spending in 2020 and BD2.902bn revenues and BD3.586bn spending in 2019.

“The average sale price per oil barrel in 2020 was $41.9 while it was $70.7 last year,” the Deputy Premier added, in a written response to a question by Parliament vice-chairman Abdulnabi Salman.

He indicated that government expenditure had dropped by 3pc last year compared with 2020.

Meanwhile, Parliament Speaker Fouzia Zainal will notify members during Tuesday’s weekly session about a letter from His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, on the Cabinet backing amendments by the Shura Council to the 2006 Insurance Against Unemployment Law.

It would see Bahrain’s Unemployment Fund scrutinised by Parliament and the Shura Council.

The fund’s annual closing financial statements would be considered valid only if it is voted on and approved by both National Assembly chambers. Rejection by both chambers would mean an automatic vote of no-confidence against responsible officials.

MPs will refer it to the relevant committee for study.

Source: https://www.gdnonline.com/Details/1038367/Bahrain-generated-BD713-million-in-non-oil-revenue